VLCC ordering hits all-time high with half the year still to go 

According to a Maritime Strategies International (MSI) report released on 15 July, owners ordered 177 VLCCs, representing a combined 54.5M dwt, during the first half of 2026.

MSI noted that even if no additional VLCC orders were placed in the second half of the year, 2026 would still rank as the strongest year for VLCC contracting on record. The first-half total alone already far exceeds the previous annual high of 32.6M dwt contracted in 2006.

As a result, the VLCC orderbook-to-fleet ratio has surged to around 35% as of June, compared with just 2% three years ago.

While the orderbook-to-fleet ratio reached 38% in 2006, the global VLCC fleet at the time was only about half the size it is today, highlighting the unprecedented scale of the current ordering cycle.

"2026 has already been an astonishing year for tanker contracting, with Western owners accounting for around half of VLCC orders placed during H1 2026, largely comprising Greek owners, and Asian buyers accounting for about a quarter of orders," MSI analyst Jialin Xu commented.

The firm added that around 83% of the vessels contracted this year are scheduled for delivery in 2028 and 2029. "VLCC contracting has more than doubled scheduled deliveries for 2028, placing significant pressure on future market balances," the report said.

MSI data also showed that around 89% of this year’s VLCC contracts were awarded to Chinese shipyards. Hengli Shipbuilding emerged as the clear market leader, securing 55% of all Chinese VLCC orders, followed by Jiangsu New Hantong and Dalian Shipbuilding Industry Co with 14% and 11%, respectively.

Orderbook surpasses 2008 peak

Driven primarily by VLCC orders, the global crude tanker orderbook has now exceeded 600 vessels, surpassing the previous record set in 2008, with six months of the year still remaining, according to a recent analysis by Signal Ocean.

Deliveries are heavily concentrated over the next three years. Newbuilding deliveries are expected to build steadily through 2027 before peaking at 78 vessels in Q4 2028, making it the busiest quarter in the current orderbook.

Signal Ocean data indicates that the late-2028 delivery surge will be overwhelmingly driven by VLCCs, which account for around 60% of scheduled deliveries during the quarter, while Suezmax tankers are expected to represent about 30%.

Following the Q4 2028 peak, quarterly deliveries are projected to ease to 43 vessels in Q1 2029, 36 in Q2, 41 in Q3 and 26 in Q4, before falling to just 13 vessels in Q1 2030 and declining to single-digit quarterly deliveries thereafter.