Tanker orders spread to first-time builders as established yards fill up

Tanker owners are increasingly placing newbuilding orders with shipyards that lack a track record in the sector, as established builders face capacity pressure. Hellenic Shipping News, carrying analysis from Veson Nautical, reported that 51 vessels had been ordered for the first time at newbuild yards in 2026, compared with 38 in 2025, a 34% increase, according to VesselsValue data.

The report said 18 more-established yards had secured their first tanker contracts in recent years. China accounts for most of the expansion: in a geographical breakdown covering 16 yards, 11 were Chinese, with one each in South Korea, Vietnam, Brazil, the US and the Philippines. Aframax and Handy tankers represent most first-time activity, while builders entering the VLCC and Suezmax segments are more commonly established industrial groups or joint-venture facilities.

Anhui Zhongrun Heavy Industry recently secured its first tanker contract from a Greek owner, covering two firm MR1 vessels and three options. The 41,000 dwt ships are scheduled for delivery in 2029, with a reported VesselsValue valuation of $38.6 million. Haifeng Shipbuilding also entered the sector earlier this month through orders from Yangzijiang Maritime Development for two LR2s and four MR2s. Despite Haifeng’s lack of tanker-building experience, the report identified no notable pricing differential.

Hengli Shipbuilding illustrates the speed at which new capacity has gained market share. Having built its first vessel in 2024, it now has Asia’s largest shipyard orderbook, according to the report, with 495 bulk carriers, tankers and container ships on order worth $46 billion. Its expansion has coincided with the squeeze on available building capacity.

The tanker orderbook stands at 11.8% of the fleet, rising to 27.5% for VLCCs and 26.8% for Suezmaxes. Values for 160,000 dwt Suezmax newbuildings posted the largest monthly gain cited, increasing 4.98% from $91.68 million to $96.25 million. With newbuilding values approaching record levels across tanker segments, the analysis suggested owners see strong charter conditions as supporting relatively short investment payback periods. Whether the broader shipyard base can sustain delivery quality and keep schedules as orders accumulate remains an open question.