One of the most intense periods of new tanker ordering in recent years is underway, with Greek owners playing a leading role globally.

The resurgence of very large crude carrier (VLCC) and suezmax ordering marks the start of a new fleet renewal phase, in an environment where freight rates remain strong and yard capacity is shrinking.

Since the start of 2025, almost 200 tankers over 40,000 dwt have been ordered, with crude oil tonnage representing around 40% of all activity. Momentum peaked in October, when contracts were signed for 23 new ships in a single month — 17 of which were VLCCs.

The Greek presence is particularly strong. The Laskaridis Group of Thanasis and Odysseas Laskaridis has ordered two VLCCs at Hengli Heavy Industries Dalian in China, while Capital Maritime & Trading and Dynacom Tankers Management also proceeded with new contracts at the same yard, with Dynacom committing to four vessels.

At the same time, the suezmax segment has seen 52 fresh orders — roughly one quarter of all new tanker orders this year. There is also major activity from foreign groups, such as Zodiac Maritime, which signed for three new suezmaxes in South Korea in cooperation with Samsung Heavy Industries.

According to analysis by Xclusiv Shipbrokers, the surge in new orders is directly linked to fleet demographics and the reduction in “active” tonnage. Around 20% of existing suezmaxes and VLCCs are over 20 years old. At the same time, nearly half of vessels older than 17 years are affected by Western sanctions (US, UK, EU), further limiting commercially available capacity.

“Owners are rushing to secure yard slots, as the true available capacity is much smaller than the headline number, with deliveries stretching to 2028. Early commitment is critical to maintain competitiveness.”

Market optimism is fuelled by still-strong freight rates and stable transport demand. The VLCC orderbook now exceeds 140 vessels — roughly 15% of the existing fleet — with deliveries peaking in 2027, when 58 new ships are expected to enter the market.

Similarly, the suezmax ratio has surpassed 20% of the active fleet, indicating the strengthening trend will continue.