The first quarter of 2017 has been one of the busiest periods for VLCC ordering since 2015 as shipyards sought to refill empty berth space.
Newbuilding prices reached new lows as a result of aggressive marketing by yards, but executives and shipping analysts do not expect further declines as shipyard capacity tightens and profit pressures increase.
After only 14 newbuilding orders throughout 2016, the first quarter of this year saw 12 VLCCs booked, according to Clarksons.
