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The first quarter of 2026 delivered a sharp and unambiguous signal from the newbuilding market

The first quarter of 2026 delivered a sharp and unambiguous signal from the newbuilding market: owners are ordering at scale, and the tanker sector is driving the narrative. Total orders placed across all segments reached 422 vessels in Q1 2026, a 34% increase year-on-year versus the 315 recorded in Q1 2025. What makes this cycle particularly noteworthy, however, it is not just the volume, it is the composition, the concentration in specific vessel types, and the outsized role of Greek principals, whose ordering activity tripled from 33 to 102 vessels in a single year.

The tanker orderbook is the undisputed story of Q1 2026. Orders across all tanker types nearly doubled year-on-year, rising from 79 to 152 vessels (a 92% increase) but the headline figure understates the structural shift occurring at the large end of the market. VLCC/ULCC orders surged from just 3 to 64, a twentyfold increase in a single quarter. The drivers are well understood: geopolitical disruption, route elongation, and a structural reassessment of long-haul crude trade economics have pushed owners to lock in capacity at yards while slots remain available. Greek owners were at the forefront, placing 24 VLCC orders compared to just 2 in Q1 2025. Suezmax activity was equally telling: orders rose from 12 to 41 vessels, with Greek principals accounting for 23 of those, reflecting a deliberate strategic positioning in a segment that has outperformed on earnings and benefits from both Atlantic and East of Suez optionality. MR2 orders tripled from 8 to 26, within which all 12 Greek-placed units represent a complete reversal from zero activity a year prior.

The one notable contraction was in small tankers and chemical carriers, where orders fell from 43 to 10, a clear sign that appetite has rotated firmly toward scale.

The bulk carrier orderbook contracted slightly, from 80 to 74 vessels (-7.5%), but the segment-level data reveals a clear migration toward larger sizes. Newcastlemax orders nearly doubled (9 to 17), Capesize more than doubled (4 to 9), and Ultramax surged from 15 to 33. Greek owners made a decisive entry into large dry bulk for the first time: 6 Capesize and 6 Newcastlemax orders versus zero across both in Q1 2025, a strategic inflection point that warrants attention.

The container orderbook remained broadly stable at 159 vessels (+10%), though the mix shifted toward smaller, more liquid sizes. Feeder orders rose from 42 to 63 while ULCV demand fell from 34 to 20. Greek principals exited the Neo-Panamax segment entirely (10 orders in Q1 2025, zero in Q1 2026).

Gas carried the most dramatic percentage increase after tankers: 37 orders versus 12 (+208%). The driver was unambiguously large LNG vessels in the 141k-200k CBM range accounting for 35 of those 37 orders, compared to just 3 a year ago. Greek owners placed 9 large LNG orders, marking a significant and previously uncharacteristic entry into the gas carrier space.

Q1 2026 orderbook data paints the picture of an industry that is repositioning decisively around large crude, modern midsize bulk, and large LNG, as well as Greek principals leading that repositioning at a pace not seen in recent years.

S&P Activity:

Dry:

On the Post-Panamax sector, the "YANGZE 901" - 93K/2012 Jiangsu Newyangzi was sold for USD 12.8 mills basis delivery July/August, while the Panamax "SKYROS" - 79K/2011 Nanjing Wujiazui changed hands for mid/high USD 13 mills. Moving down to the Ultramax sector, Chinese buyers acquired the "ASL IXORA" - 61K/2012 Imabari for USD 19.6 mills, while the Supramax "K. RUBY" - 56K/2011 IHI was sold for high USD 15 mills. In addition, the "SERENE AMELIA" - 57K/2010 STX found new owners for mid USD 14 mills. The slightly older "POSEIDON S" - 53K/2008 Imabari was also concluded at USD 13 mills to Turkish buyers. Finally, on the Handysize sector, the vintage OHBS "AEOLOS" - 32K/2001 Saiki was sold for USD 6.5 mills, while the "JUNO BRAVE" - 25K/2012 Murakami changed hands at the same price level of USD 6.5 mills to Vietnamese buyers.

Tanker:

On the Suezmax sector, the "STENA SURPRISE" - 158K/2012 Sungdong was sold for high USD 60s mills. In the Aframax/LR2 sector, Trafigura acquired the coated "P. ALIKI" - 105K/2010 HHI for USD 42.65 mills. Moving down to the Panamax/LR1 segment, the "EVER VICTORY" - 70K/2005 Universal was sold for USD 14.68 mills. On the MR2 sector, the "ARDMORE ENGINEER" - 49K/2014 STX was acquired by Gesco for USD 35.5 mills. Additionally, the "JAG PRAKASH" - 48K/2007 STX found new owners for USD 17.5 mills, and the Ice Class 1B "EAST COAST" - 37K/2005 HMD was sold for mid USD 11 mills. On the small tanker/chemical sector, the StSt "CHEM STREAM" - 20K/2010 Shitanoe changed hands for USD 20.8 mills, while the StSt "JBU SAPPHIRE" - 20K/2009 Kitanihon was sold to Chinese buyers for USD 18.7 mills. The StSt "MTM SHANGHAI" - 20K/2006 Fukuoka was also concluded at USD 14 mills to Chinese interests. Finally, the sister vessels Marineline "MRC SEMIRAMIS" and "MRC EMIRHAN" - 6K/2008 Aykın Denizcilik were sold en bloc at USD 8.3 mills each.