Tanker orders surge as shipbuilding prices forecast to stay firm into 2027

Crude tanker contracting accelerated sharply in January-September 2026, with 267 vessels totalling 67 million deadweight tonnes ordered, according to Banchero Costa figures reported by Hellenic Shipping News. The shipbroker put the year-on-year increase at 267.7%, with 172 very large crude carriers included in the total, making tankers the principal driver of newbuilding activity.

Prices have reflected that strength. Banchero Costa assessed a new VLCC at $131 million in September 2026, up 7.4% from a year earlier. It expects tanker newbuilding prices to remain firm into 2027, with the main shipyards booked until 2029. However, additional shipbuilding capacity entering service in China is expected to limit the scope for further price increases. New or revived yards accounted for 33% of contracting this year measured in compensated gross tonnes, with the broker identifying delays and the concentration of deliveries in 2028 as the main risks.

The crude tanker orderbook for vessels of at least 60,000 dwt stood at 574 ships, representing 135.4 million dwt, or 29.3% of the trading fleet. For coated product tankers of 30,000-119,999 dwt, the corresponding figures were 677 vessels and 45.9 million dwt, equivalent to 20.7% of the fleet. The IMO I/II chemical tanker segment, covering ships of 1,000-41,999 dwt, had 540 vessels on order, a fleet ratio of 20.2%.

Recent reported business included Nanjing Tanker’s order for four 115,000 dwt LR2 tankers at Dalian Shipbuilding Industry, with deliveries scheduled from February 2029 to July 2030. No price was disclosed. In gas shipping, BGN International reportedly ordered four 93,000 cubic metre LPG carriers at Hyundai for about $118 million each, due between August 2029 and February 2031. Alpha Gas reportedly contracted two 88,000 cubic metre LPG/ammonia carriers at Hengli Heavy Industries for June 2029 delivery.

The wider shipbuilding market showed a contrasting pricing pattern. While tanker and bulkcarrier prices remained firm, large containership and LNG carrier prices softened. Banchero Costa assessed a 180,000 cubic metre LNG carrier at $242 million in September, down 3.3% year on year. LNG carriers nevertheless had an orderbook equivalent to 40.9% of the existing fleet, while the LPG carrier ratio was 38.5%, both above the crude tanker figure.