Tanker orders spread to untested yards as established builders face capacity pressure

Shipowners are increasingly placing tanker orders with builders that lack a track record in the sector, as established yards contend with capacity constraints. Hellenic Shipping News, carrying analysis from Veson Nautical based on VesselsValue data, reported 51 vessels ordered for the first time at newbuild yards in 2026, a 34% increase from 38 in 2025. It also said 18 established yards had secured their first tanker contracts in recent years.

China dominates the expansion: the report’s geographical breakdown places 11 of 16 yards there, with one each in South Korea, Vietnam, Brazil, the US and the Philippines. Hengli Shipbuilding illustrates the speed of growth. Having completed its first vessel in 2024, it now has the largest Asian shipyard orderbook, according to the report, comprising 495 bulk carriers, tankers and container ships worth $46 billion.

Aframax and Handy tankers make up most first-time ordering activity. Builders entering the VLCC and Suezmax segments are more commonly established industrial groups or joint-venture facilities. The report cites Wison New Energies Nantong for VLCCs and Guangzhou CSSC Shipbuilding Industry for Aframax, Handy and Suezmax vessels, suggesting owners are more selective about inexperienced builders when ordering larger ships.

Among the latest contracts, Anhui Zhongrun Heavy Industry secured its first tanker order from a Greek owner for 2+3 MR1 vessels of 41,000 dwt, scheduled for delivery in 2029. VesselsValue put the value at $38.6 million. Haifeng Shipbuilding also recently entered the market with orders from Yangzijiang Maritime Development for two LR2s and four MR2s. The report found no notable pricing difference at Haifeng despite its absence of tanker-building experience.

The tanker orderbook represents 11.8% of the fleet, rising to 27.5% for VLCCs and 26.8% for Suezmaxes. Newbuild values are approaching record levels across tanker categories; 160,000-dwt Suezmaxes registered the largest monthly increase, climbing 4.98% from $91.68 million to $96.25 million. Veson’s analysis suggests strong charter conditions are giving owners confidence in relatively short investment payback periods. Whether the broader pool of builders can meet delivery schedules and quality requirements as orders accumulate remains uncertain.