The positive sentiment surrounding tankers has seen owners rush to place more orders in the first quarter of 2015 than at any time for the past eight years. British broker Gibson reports in terms of numbers, tanker newbuilding contracting achieved its highest first quarter total since the corresponding period in 2007. Confirmed orders more than 25,000dwt totalled 84 units, amounting to 12.1m dwt.

Gibson noted that the majority of orders were placed in the first month, and the volume has since steadily decreased.

One of the key features of ordering activity during the first quarter was the number of capesize dry bulkers which have been converted into tanker contracts. A total of 15 cape contracts were converted in the first quarter, Gibson reported, adding, "We are also aware of other owners waiting in the wings to do similar deals to reduce their dry cargo exposure."

The first quarter tanker orders reached 50% of the total orderbook in 2014.