**UPDATE: Ryan Locthe wins gold in the men's 200 meter freestyle reace, Michael Phelps takes silver
Michael Phelps finished 5th overall in the 200 meter freestyle semifinals and qualified for the finals on July 26 at the 14th Fina World Championships taking place in Shanghai, China.
The 26-year-old American timed 1:46.93 behind South Korea's Park Tae Hwan who timed 1:46.63 and was seeded 4th overall.
At the top of the seed, France's young Yannick Agnel, finished the semifinal race with the best time of 1:45.62, with second seeded Paul Biedermann of Germany clocking in at 1:45.93. American Ryan Lochte finished as third seed with 1:46.56.
Phelps, who claimed he would retire after the 2012 Olympics in London, commented on what would be a tight final race.
"Some guys at front have speed, and some guys close extremely well. You (are) probably going to see a tight group. It's going to be down to the last 50," said the American swimmer according to the Daily Mail.
The U.S. team is currently placed third in the medals table with 2 gold, 2 silver and 2 bronze behind Russia, who has 7 gold medals and China, at first, with 11 gold medals.