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

Shipowners are increasingly commissioning tankers from builders without a track record in the sector as capacity tightens at established yards, according to a Veson Nautical report carried by Hellenic Shipping News. VesselsValue orderbook data cited in the report put first-time orders at newbuilding yards at 51 vessels in 2026, a 34% increase from 38 in 2025. Eighteen established yards have also secured their first tanker contracts in recent years.

The expansion is centred on China, which accounts for 11 of the 16 yards in the report’s geographical breakdown. South Korea, Vietnam, Brazil, the US and the Philippines each account for one. Hengli Shipbuilding illustrates the speed of growth: having completed its first vessel in 2024, it now leads Asian yards by orderbook size, with 495 bulk carriers, tankers and container ships on order, collectively valued at $46 billion.

Aframax and Handy tankers make up most first-time building activity. Entrants taking on larger VLCCs and Suezmaxes are more often established heavy-industry businesses or joint-venture facilities. The report identifies Wison New Energies Nantong as a VLCC entrant and Guangzhou CSSC Shipbuilding Industry as a builder entering the Aframax, Handy and Suezmax segments, suggesting owners are more cautious about using unproven yards for larger ships.

Recent contracts include a Greek owner’s order at Anhui Zhongrun Heavy Industry for two 41,000-dwt MR1 tankers plus three options, scheduled for delivery in 2029. Haifeng Shipbuilding has meanwhile secured its first tanker contracts from Yangzijiang Maritime Development, covering two LR2s and four MR2s. According to the report, Haifeng’s lack of tanker experience has not produced a notable pricing difference.

Capacity pressure coincides with high orderbooks and rising vessel values. Tankers on order represent 11.8% of the fleet, with the proportion reaching 27.5% for VLCCs and 26.8% for Suezmaxes. Values for 160,000-dwt Suezmax newbuildings recorded the largest monthly increase, rising 4.98% from $91.68 million to $96.25 million. The report suggests strong charter markets are supporting owners’ expectations of relatively short investment payback periods, even as newbuilding values approach historical peaks. Whether the wider builder base can sustain delivery quality and meet schedules remains uncertain.