VLCC newbuilding orders during the opening five months of 2017 ran at the highest level since the onset of the financial crisis, according to data from Bimco.

Its analysts count 27 VLCCs contracted between January and May this year despite fleet growth reaching a peak not seen for over half a decade.

The figures were released on Monday just a few days after analysts at Market Strategies International suggested the VLCC orderbook was being understated.