The VLCC newbuilding market has entered historic territory, with ordering across the final quarter of 2025 and the opening quarter of 2026 already surpassing the highest full-year total ever recorded. The orderbook-to-fleet ratio has climbed from 10% to 26% in just 15 months, having been as low as approximately 1% in mid-2023, according to broker Hartland. “We estimate around 125 VLCCs were ordered in Q4 2025 and Q1 2026 – greater than any full calendar year total on record,” Hartland said, pointing to the previous all-time high of 108 vessels set in 2006, twenty years ago. Data from shipping analytics firm Veson Nautical underscores the scale of the disruption driving this ordering wave. VLCC earnings hit record levels of approximately $175,000 per day in Q1 2026, propelled by the closure of the Strait of Hormuz, Sinokor’s aggressive fleet acquisition programme, and sanctions-related supply dynamics. Veson Nautical data shows Q1 2026 newbuilding volumes reached 33.3m dwt, surpassing Q4 2025’s already remarkable 27.2m dwt. Crude tankers accounted for 90% of first-quarter orders – five times the volume placed in Q1 2025 – while newbuilding prices for larger crude tankers and medium-sized product tankers rose approximately 7% over the quarter. Singapore-based shipbroker Sentosa said the ordering trend reflects a convergence of structural forces. “This has been driven by a combination of factors, including the sustained strength of crude tanker earnings through the second half of 2025 and into 2026, an ageing global fleet, and improved confidence in the long-term outlook for oil demand,” the broker said. Industry body BIMCO confirmed that records are falling across the board. “During the first quarter of 2026, newbuilding contracting has risen 40% year-on-year to 17.6 million compensated gross tonnes, driven by a tripling of new tanker orders and a rebound in LNG tanker contracting,” said Filipe Gouveia, shipping analysis manager at BIMCO. Overall, tankers accounted for 32% of total contracting in Q1 – the highest share since the second quarter of 2017. Gouveia described what has unfolded as “the highest quarterly crude tanker contracting in history.” googletag.cmd.push(function() { googletag.display('div-gpt-ad-1_95_0_1_2'); });