Orders for new product tankers in sharp slowdown

According to brokers Gibson, the massive growth in orders for new product tank vessels in recent years is now in steep decline, though carriers and operators should not rejoice yet.

The huge activity in recent years  in newbuilding orders for, especially, MR and LR2 product tankers has stopped in 2014, with 14 and seven orders, respectively, placed this year. According to brokerage firm Gibson's updated numbers, this is good news for the MR and Handy segments in particular, where the total orderbook has grown from 10 percent in early 2013 to 18 percent today.

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