It predicts a "supply-driven" contraction of rates as the newbuilding boom turns into ships in the water as deliveries kick in.

New tanker orders hit 392 in 2013, the highest since 2007, with MR2s on 223.

Even this year, rates could come under pressure, with demand growth limited and supply "abundant" in all sectors.

"Although tanker deliveries from yards were less than expected in 2013, the same was true in regard to vessels being taken out of the trading fleet," it said.

McQuilling