According to ICAP Shipping only 14% of the 180 MRs (45,000 dwt-55,000 dwt) on the 2009 orderbook were delivered in the first quarter of 2009.

This represented the smallest percentage of deliveries compared to other product tanker sizes.

The London broker expected "significant slippage" this year, with no more than 150 of the 180 MR product tankers on order to enter the fleet.

"Bearing in mind owners' difficulties in obtaining finance, and the wider range of yards building vessels in this sector, this figure could still turn out to be much lower," ICAP's monthly Global Shipping Analytics report said.

Last year only 128 of the 150 ships scheduled to enter the fleet were actually delivered, representing a 15% orderbook slippage.

ICAP said that most MRs not delivered would still arrive, but in 2010.

"It's unlikely they will be cancelled as they're already in construction," said head of tanker research Simon Chattrabhuti. "But we expect to see a fair amount of slippage in this sector in 2009."

The 180 MRs, from a total orderbook of around 320, are being built at 20 separate yards in 10 different countries.

Some of these countries had less experience than long-established yards in South Korea and China, and were more likely to experience construction delays, Mr Chattrabhuti said.

Most MRs were ordered at South Korea's Hyundai Mipo, SLS, SPP and STX shipbuilding yards.

China's Guangzhou Shipyard International, another long-established yard, held a large share of the MR product tanker orderbook, Mr Chattrabhuti said.

Product tanker owner Torm had 12 MR product tankers on order at GSI, with delivery scheduled in 2009 or 2010.

The Danish company's fleet also had three MRs scheduled for delivery from STX shipyard this year, and has forecast that 15% of the MR orderbook faces cancellation. Torm chief executive Mikael Skov said the company had not experienced any delays at GSI.

ICAP forecast that only 120 MRs from the 2010 orderbook of 130 vessels would be delivered. In 2011 there were 80 MRs scheduled to enter the fleet, but this could rise by as much as 25% to 100 due to slippageand renegotiations.

Mr Chattrabhuti said the market was not transparent, which made it hard to track all orders and pinpoint delays and removals.

Of the remaining product tanker vessel sizes, more long range two product tankers (84,500 dwt-122,000 dwt) were delivered in the first quarter compared to any other sector, ICAP reported.

Of the 30 LR2 tankers on order in 2009, 11 were delivered in the three months ending March 31, representing 37% of the orderbook.

"It seems that these vessels (and aframaxes generally) are being delivered in a timely fashion, and we do not expect a great deal of slippage in the deliveries in this sector," ICAP said in the report.

Only nine of the 51 long range one product tankers (55,000 dwt-84,500 dwt) on order for 2009 were delivered in the first quarter.

"However, even with some slippage, we might reasonably assume that 40-45 of these vessels will enter the market in 2009," reported ICAP.

LR1 vessels are being built at just five established yards, including China's New Century and Dalian yards, and South Korea's STX, Sungdong and Hyundai Mipo.

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