Global crude tanker newbuilding activity has reached an unprecedented milestone in 2026, with contracting touching a record 60 million deadweight tonnes (DWT) across 234 vessels, according to BIMCO. The surge has been led by a sharp increase in Very Large Crude Tanker (VLCC) orders, making 2026 the strongest year on record for crude tanker contracting.
BIMCO’s Shipping Analysis Manager, Filipe Gouveia, said strong freight earnings and the need to replace an aging global fleet have been the key drivers behind the ordering spree.
VLCCs account for the bulk of this year’s activity, with 151 vessels ordered, representing 79% of the total contracted crude tanker capacity. Orders in the suezmax segment have also accelerated, already matching the total capacity contracted throughout 2025.
The global crude tanker orderbook has now expanded to 130 million DWT, the highest ever recorded, equivalent to 27% of the existing crude tanker fleet. With deliveries scheduled through 2030, annual fleet additions are expected to rise steadily until at least 2028, a significant increase from the less than 10 million DWT delivered annually over the past three years.
The wave of newbuilding orders is also expected to modernize the world’s crude tanker fleet. The average age of the fleet has risen to around 14 years, while 22% of the current fleet, representing 105 million DWT, is already more than 20 years old, exceeding the typical design life of a tanker.
Despite increasing environmental regulations, adoption of alternative-fuel propulsion remains limited. Only 2% of the crude tanker capacity ordered this year will be powered by alternative fuels, primarily LNG, while another 17% has been designed to allow future retrofitting. Across the overall orderbook, 9% of vessels will use alternative fuels and 30% are retrofit-ready.
China continues to dominate the global crude tanker shipbuilding market, securing 82% of new orders by capacity in 2026. In the overall orderbook, Chinese yards account for 70% of contracted capacity, while South Korean shipyards hold a 25% share, particularly in the suezmax segment.
Looking ahead, BIMCO expects the pace of new orders to moderate as shipyard delivery slots extend to two to four years and the already sizeable orderbook reduces the urgency for additional contracting. Uncertainty surrounding future transit conditions in the Strait of Hormuz also continues to cloud the market outlook for crude tanker demand.
