Crude oil tanker deliveries hit a all-time high in January as 5.5 million dwt of the capacity entered the fleet so far this year, representing an increase of 220% comnpared with January 2016, BIMCO said citing preliminary data from VesselsValue.

The month already accounts for 22% of the previous year's total crude oil tanker deliveries. In comparison to the totals of 2015 and 2014, this 2017 figure amounts to 48% and 51%, respectively.

In terms of crude oil tanker deliveries of 2.5 million dwt, January 2016 hit record levels in relation to the previous two years. However, that level has been dwarfed by the tremendous amount of deliveries in the first month of 2017.

"This record-high crude oil tanker delivery growth is troubling, and worsens the balance between supply and demand instantly, due to sluggish demolition in this segment," said Peter Sand, BIMCO's Chief Shipping Analyst.

From 2014 until 2017, recycling amounts to only 8 million dwt, which represents a small proportion of 2.2% of the current crude oil tanker fleet.

"This development in January highlights the fact that the crude oil tanker market faces headwind for the current year already," added Sand.

VesselsValue data shows that the lion's share of January deliveries was taken by 12 very large crude carrier (VLCC) deliveries, which totals 3.68 million dwt and represents 67% of the month's total.