Greek shipowners’ newbuilding orders are moving at levels reminiscent of the pre-crisis boom of 2007, as a remarkable acceleration across all major vessel segments was recorded in the first quarter of 2026.
According to the latest report by Xclusiv Shipbrokers, Greek owners placed 102 newbuilding orders in Q1 2026, with a total value of approximately 10.1 billion dollars. This represents the strongest quarterly performance on record for the brokerage and is 3.6 times higher than the 28 vessels ordered in Q1 2025. The report noted that the intensity of this investment cycle is reminiscent of periods of strong bullish expectations that characterized the pre-global financial crisis ordering cycle.
Tankers
The sector of tankers recorded the strongest performance. Greek shipowners ordered 63 tankers, with a total value of approximately 6 billion, with a clear focus on large crude carriers.
Orders for VLCC/ULCC and Suezmax vessels alone reached 47 units (24 VLCC/ULCC and 23 Suezmax), accounting for around 75% of all Greek tanker orders in the quarter. The total Greek tanker orderbook has now reached 396 vessels, representing 28% of the global tanker orderbook.
By sector, the breakdown includes 12 small tankers, 18 Handysize/MR1, 63 MR2, 32 Panamax/LR1, 74 Aframax/LR2, 131 Suezmax and 66 VLCC/ULCC vessels.
The crisis in the Middle East, cargo rerouting, and the sustained geopolitical premium have significantly increased the value of available capacity in these segments.
At the same time, the second-hand market shows that asset prices have reached levels which, in some cases, make newbuildings a more rational investment—provided owners are willing to wait approximately three years for delivery.
A recent example in the Aframax/LR2 segment is the sale of the sister vessels “Southern Reverence” and “Pusaka Borneo,” Japanese-built in 2018 with a capacity of around 108,500 dwt, which changed hands for 75 million dollars and 76.5 million dollars respectively. In other words, eight-year-old vessels were sold at or above the average newbuilding price for the same segment, which is estimated at around 75 million dollars.
Bulk carriers
In dry bulk, Greek owners placed 16 new orders in Q1 2026, with a total value of approximately 1.1 billion.
Orders for six Capesize and six Newcastlemax vessels accounted for 75% of quarterly deals, while for the third consecutive quarter there were no orders for Handysize vessels.
The Greek dry bulk orderbook now stands at 188 vessels, representing around 12% of the global orderbook, with the following breakdown: 13 Handysize, 51 Newcastlemax/Supramax/Ultramax, 92 Panamax/Kamsarmax/Post-Panamax, and 32 Capesize/VLOC.
Gas carriers
In the gas carrier segment, 11 LNG carrier orders were placed in Q1, mainly in the 141k–200k cbm segment, with a total value of approximately 2.4 billion dollars. In addition, six LPG carrier orders were recorded.
The total Greek gas carrier orderbook has now reached 105 vessels, of which 60 are LNG carriers and 45 are LPG carriers.
Within LNG carriers, Greek owners currently have 60 vessels on order (7 in the 16k–100k cbm range and 53 in the 141k–200k cbm range), representing 18% of the global LNG orderbook.
In LPG carriers, Greek owners account for 45 vessels on order, or 14% of the global total, including 8 small LPG carriers, 3 Handysize, 13 MGC and 21 VLGC vessels.
Container ships
Finally, container ship ordering remained measured but targeted. Between January and March, Greek owners ordered 12 vessels worth approximately 600 million, exclusively in feeder and Handy segments.
The total Greek container ship orderbook has now risen to 174 vessels, the highest level in recent years, representing around 12% of the global orderbook. The breakdown includes 62 feeders, 49 Handysize, 11 Panamax and 52 Neo-Panamax vessels, with no exposure to VLCS/ULCS segments.
Source: Naftemporiki