Tankers maintained a strong orderbook at the end of the third quarter of 2026, with the capacity on order in the crude oil tanker segment exceeding 30% of the existing fleet.
The figures come from international independent shipbroker Affinity. According to Affinity, between early January and the end of September 2026, the crude oil tanker orderbook comprised 627 vessels, with a combined carrying capacity of 146 million deadweight tonnes (dwt). Capacity on order accounted for more than 30% of the existing fleet in this segment.
Activity was also strong in the product tanker market. A total of 274 new orders were recorded in the first nine months of the year, surpassing the 183 orders placed throughout 2025, although remaining below the 395 contracts signed in 2024. In the third quarter alone, orders were placed for 69 MR tankers, 23 LR2s, eight LR1s and four smaller Handysize vessels.
Limited scrapping
The large tanker orderbook comes against a backdrop of significant fleet renewal needs.
In a recent analysis, international shipbroker IFCHOR GALBRAITHS linked increased shipbuilding activity to strong freight markets, high secondhand vessel prices and the ageing fleet.
According to figures for August 2026, based on carrying capacity, just over 47.5% of the active tanker fleet was more than 15 years old, while just under 21% was more than 20 years old.
However, high earnings were encouraging owners to keep older vessels in commercial operation, holding back scrapping activity.
By the time the analysis was published, tankers with a combined capacity of 2.16 million dwt had been scrapped since the beginning of the year – a low level, although higher than that recorded in 2023-2024.
In the larger VLCC and Suezmax segments, all the vessels scrapped were sanctioned ships.
According to IFCHOR GALBRAITHS, an increase in the recycling of these vessels could offset part of the new capacity expected to enter the market over the coming years.
Dry bulk slowdown
In contrast to the strong cumulative activity in the tanker segment, new orders for dry bulk carriers fell to 60 vessels in the third quarter, with a combined carrying capacity of 7.34 million dwt.
Affinity reported a 42% decline in newbuilding activity compared with the previous quarter and a 45.5% drop year on year.
The slowdown comes amid a complex investment environment. Pacific Basin has highlighted high newbuilding prices and limited availability of shipyard slots, while Affinity, in a separate analysis dated 9 October, pointed to demand vulnerabilities stemming from weakness in China’s property market and lower profitability in the steel industry.
Meanwhile, Drewry, in a report published on 30 October, highlighted uncertainty surrounding fuel choices, fuel availability and future environmental requirements.
The broader trading environment also remains clouded by the unresolved issue of US port fees on vessels with Chinese ownership interests or built in China.
Gas carriers
In the liquefied natural gas (LNG) carrier segment, the slowdown in the third quarter did not alter the strong overall picture for the first nine months of the year, with investment underpinned by expectations of long-term growth in LNG trade and rising demand for seaborne transportation.
The total capacity of vessels ordered reached 14.3 million cubic metres, compared with 5.8 million cubic metres for the whole of 2025.
Orders for liquefied petroleum gas (LPG) carriers also remained strong, despite easing from the record levels recorded in the second quarter.
In the third quarter, contracts were signed for 31 vessels with a combined capacity of approximately 2.6 million cubic metres, down 39% quarter on quarter.
Containerships
The picture is rounded out by increased activity in the containership segment.
Investments are driven by fleet renewal, fuel efficiency and emissions reduction, as well as shipping companies’ plans to expand carrying capacity and strengthen their market positions.
Between January and September 2026, orders were placed for 572 vessels with a combined capacity of 4.3 million TEU (twenty-foot equivalent units), with Affinity reporting an 18% increase compared with the corresponding period of 2025.
Source: Naftemporiki