Construction boom in product tank will push rates down in 2015

With the biggest growth in contracts for new product tankers since 2007, the years 2015 and 2016 will be characterized by contracted rates once the newbuildings start to hit the water, says analysts McQuilling.

BY OLE ANDERSEN

The immense orderbook in product tank has reached a size that will have a negative impact on the rates, especially in 2015 and 2016, once the many newbuildings start to hit the water, says analysts McQuilling Services in a Tanker Market Outlook on Friday.

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