BIMCO says crude tanker newbuilding contracting has reached a record 60 million deadweight tonnes (DWT) across 234 vessels so far in 2026, making it the strongest year on record for tanker ordering.
The surge has been driven primarily by Very Large Crude Tankers (VLCCs), with 151 vessels ordered so far this year. VLCCs account for 79% of total contracted crude tanker capacity, while suezmax orders have already matched the full-year total recorded in 2025.
“The total crude tanker order book has now hit 130m DWT, the highest on record and equivalent to 27% of the current crude tanker fleet,” said Filipe Gouveia, Shipping Analysis Manager at BIMCO. “With deliveries scheduled through 2030, new capacity entering the market is set to gradually increase until at least 2028.”
BIMCO said high freight rates and the need to replace an aging fleet have encouraged owners to place newbuilding orders. The average crude tanker is now around 14 years old, while 22% of the global fleet—equivalent to 105 million DWT—is already more than 20 years old.
Despite the strong ordering activity, only 2% of the capacity contracted this year is expected to operate on alternative fuels, mainly LNG, while a further 17% has been designed for future retrofitting.
Chinese shipyards continue to dominate the market, securing 82% of crude tanker orders placed in 2026. South Korean yards account for most of the remaining contracts, particularly in the suezmax segment.
“Looking ahead, crude tanker newbuilding contracting could begin to slow down,” Gouveia added. “The order book is already large and lead times are high, while uncertainty over when transit conditions in the Strait of Hormuz will return to normal continues to cloud the market outlook for crude tankers.”
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