Suezmaxes, VLCCs capture 77% of Greek tanker orders in 2025

Data from Xclusiv Shipbrokers, shared with Riviera, shows that between January and October 2025, Greek owners placed orders for 31 Suezmax tankers and six VLCCs, accounting for 77% of their total tanker orders during the period.

Suezmax contracts have already surpassed the 27 orders placed in all of 2024, while VLCC orders are closing in on last year’s nine.

Despite this focus on larger tonnage, overall Greek tanker contracting remains below 2024 levels. So far in 2025, Greek owners have ordered 48 tankers, including eight MR2s, two Aframax/LR2s, and one small tanker.

In comparison, 2024 saw 136 newbuilding contracts, comprising 30 MR2s, 26 Aframax/LR2s, 22 Panamax/LR1s, and 14 Handy MR1s, among other types.

According to Xclusiv, the Greek tanker orderbook at the end of October stood at 285 vessels, representing 24% of global tonnage currently under construction.
Within that portfolio, Suezmaxes make up 30%, followed by Aframax/LR2 vessels with 22%.

Shipbroking sources attribute the surge in crude tanker orders to an ageing fleet and a favourable freight market boosted by tonne-mile growth and trade realignments.

Xclusiv’s latest monthly report notes the Suezmax orderbook now equals 20% of the active fleet in dwt terms, while about 35% of existing Suezmaxes are 16 years or older.

In the VLCC sector, the orderbook-to-fleet ratio stands at 13%, with 35% of vessels also aged 16 years or more.

The global picture

Globally, Xclusiv Shipbrokers recorded 196 tanker orders between January and October 2025 – a nearly 70% drop compared with 643 vessels contracted last year.

Suezmaxes lead this year’s activity with 50 newbuildings, followed by small tankers (47), MR2s (40), and VLCCs (28). Notably, Suezmaxes are the only segment showing growth, up from 45 vessels ordered in the whole of 2024.

Xclusiv’s latest weekly report highlights that Chinese shipyards account for 69% of tankers currently on order worldwide.

Meanwhile, Chinese owners are pursuing an ambitious newbuilding programme covering 200 tankers, driven largely by smaller units – 98 small tankers and 51 MR2s are now under construction.

Analysts attribute this to robust demand from regional product trades and China’s expanding network of independent refineries.