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Contracting of product tankers jumps 337% in the first half of 2023

26 July 2023

The product tanker orderbook to fleet ratio has surged from 5.4% in December 2022 to 9.3% in June 2023, driven by a remarkable 337% y/y rise in contracting during the first half of this year. A spike in freight rates and product tanker demand is likely behind the surge in contracting.