In 2026, 51 oil tankers were registered for the first time in new yards, which is a 34 percent increase compared to the 38 tankers registered in 2025. This increase indicates the entry of new yards into the shipbuilding market, which are rapidly capturing a significant share of oil tanker orders.
New yards and stabilization in the oil tanker market
Yards like Hengli Shipbuilding, which built its first ship only in 2024, have now become the largest Asian yard in terms of the number of orders. This yard currently has 495 ships of various types, including Bulkers, Tankers, and Containers, worth over 46 billion dollars in its order book. The rapid rise of this yard from a newcomer to a market leader in less than two years shows how new entrants can quickly capture a significant share of orders under current conditions.
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Geographical distribution of yards
The majority of new yards are located in China, with 11 out of 16 active yards situated in this country. Additionally, new yards have entered the market in South Korea, Vietnam, Brazil, the United States, and the Philippines. For example, Anhui Zhongrun Heavy Industry recently received its first oil tanker order for 2+3 MR1 units with a capacity of 41,000 DWT from a Greek owner, expected to be delivered in 2029.
This trend is also evident in Haifeng Shipbuilding, which recently received its first oil tanker orders from Yangzijiang Maritime Development for two LR2 and four MR2 vessels.
Why are owners turning to new yards?
Owners' preference for placing orders in yards without a history of building oil tankers is likely due to capacity constraints in traditional oil tanker yards. Currently, 11.8 percent of the oil tanker fleet is placing orders, with this figure rising to 27.5 percent for VLCCs and 26.8 percent for Suezmaxes. Additionally, Suezmaxes of 160,000 DWT have experienced a significant price increase in recent months.
Despite rising shipbuilding values and approaching historical highs, owners remain confident that strong charter market conditions will create a relatively short payback period for new investments.
The combination of capacity pressure and confidence in the payback period somewhat resembles the order excitement of the 2000s. However, this current wave is expected to stem from a broader base of owners and yards and is likely not to be concentrated on custom activities.
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