VLCC newbuilding orders have climbed above 120 ships in 2026, already surpassing the previous full-year record for the segment, as shipowners continue to bet on large crude carriers despite a rapidly expanding delivery pipeline, according to E.A. Gibson Shipbrokers.
The London-based shipbroker said in its Tanker Market Report dated 12 June that the ordering surge has lifted the VLCC orderbook from about 5% of the existing fleet in early 2024 to 35% today. Gibson said the ratio would be higher still if calculated only against mainstream tonnage, because about one-fifth of the VLCC fleet is already dark or sanctioned.
The rush has been concentrated in the largest tanker classes. Gibson said more than 60 Suezmax tankers have also been ordered so far this year, the second-highest total since 2015, taking the Suezmax orderbook to 30% of the existing fleet.
MR orders account for 20% of the existing fleet, while the Aframax/LR2 orderbook stands at 18%.
Gibson pointed to several factors behind the wave of investment, including the growth of the dark and sanctioned fleet, an ageing tanker fleet and strong premiums for modern secondhand tonnage, which have made newbuildings more attractive for long-term buyers. It said more than 21% of the tanker fleet above 25,000 dwt is already 20 years old or older, with another 28% in the 15- to 19-year age bracket.
The report also struck a note of caution. High earnings currently leave owners with little incentive to scrap older ships, Gibson said, but the balance could shift if chartering restrictions push ageing vessels out of employment or if new deliveries begin to weigh on the market.
E.A. Gibson Shipbrokers describes itself as a global maritime shipbroker with more than 130 years of history. The company provides broking and advisory services across tankers, gas, dry cargo, sale and purchase, newbuildings and research, with offices in London, Athens, Dubai, Mumbai, Singapore, Hong Kong and Houston.