Slew of new tankers will push rates down: DVB

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Singapore: Freight rates for oil tankers are expected to come under significant pressure this year as nearly 300 new oil tankers, or 47 million deadweight tons of shipping capacity, are due for delivery globally, DVB Bank S.E. said Monday.
Very Large Crude Carriers and Aframaxes are "in a more vulnerable position" compared with other tankers, the Dutch bank said in a report.
Over 70 VLCCs and 114 Aframaxes are expected to be completed in 2009, while 66 Suezmaxes and 46 Panamaxes will be added, it added.
This is nearly double the number completed in 2008 when 164 vessels, or 8.161 million deadweight tons, were added, the bank said.
Ship order cancellations may not be large this year as most of the vessels due for delivery in 2009-2010 were ordered in 2006-2007, it added.  [03/03/09]