Crude tanker owners need to stop ordering newbuildings if they want markets to improve is the message of analyst Ralph Leszczynski of Banchero Costa.

Giant commodities trader Trafigura Group has ordered up to 32 newbuild crude oil and product tankers including options with a potential value in excess of $1.35bn, for construction in South Korean and Chinese shipyards.

Tonnage growth in the global crude oil tanker market is signalling trouble as the demand-supply balance is being threatened, according to a recent report by Bimco.

Crude tanker shipping is anticipated to be negatively impacted following the decision by Opec to trim output, according to DNB Markets.

Greece’s Tsakos Energy Navigation (Ten) is expanding its fleet by adding two secondhand suezmaxes in view of the improving crude markets as the company posted a strong first quarter results.

Tanker Investments, subsidiary of Teekay, has entered into an agreement to acquire two 2012-built aframax tankers and two 2010-built VLCCs for approximately $250m in total.

John Fredriksen's Frontline 2012 has reported a $69.5m profit for 2013, after netting $12.5m in the fourth quarter.