During the first quarter of 2015 as many as 15 newbuilding orders for capesize dry bulk carriers were changed into tanker orders. Swapping dry orders for wet comes as the dry bulk market is faltering, while the tanker market continues to ride the crest of a wave thanks to abundant cargo supply and limited fleet growth.
The 15 swapped newbuildings became eight long range two product tankers, four Aframax crude tankers, and three long range one product tankers. In 2015 the tanker orderbook has already reached 50% of the total orders for 2014. Confirmed orders above 25,000 dwt in the first quarter amounted to 84 units, including 19 Aframax, 18 Suezmax and 13 very large crude carriers.