A recovery in tanker market newbuilding investment has failed to hike up prices for fresh vessels, which is in stark contrast to the dry bulk market.

There has been an overall 48% increase in tanker investment this year, according to Clarksons.

During that time, more than 30 VLCCs have been ordered including a recent order by Frontline for up to four 319,000-dwt VLCCs at Hyundai Heavy Industries.