The first half of 2026 has seen VLCC contracting surge, exceeding previous annual records by a huge margin

 Maritime Strategies International reports 177 VLCCs totalling 54.5m dwt ordered during the first half of 2026, with the VLCC orderbook-to-fleet ratio at around 35% as of June, up from just 2% in 2023.

Even if no further orders had been placed in H2, the H1 2026 figure would still be the highest year for VLCC ordering in history, far exceeding the second highest of 32.6m dwt contracted in 2006.

For the tanker market as a whole, as a result of the surge in large crude carrier ordering, total tanker contracting had already approached 80 Mn Dwt at the end of June, exceeding MSI’s previous full-year assumption.

As the Chart illustrates, the previous peak in VLCC contracting was seen in 2006, when 32.6m dwt was ordered, and the orderbook-to-fleet ratio stood at around 38. However, the global VLCC fleet at that time was only around half today’s size.

Around 83% of the vessels ordered in H1 2026 are slated for delivery in 2028 and 2029. VLCC contracting in H1 has more than doubled scheduled deliveries for 2028, placing significant pressure on future market balances.

“2026 has been an astonishing year for tanker contracting already, with Western owners accounting for around half of VLCC orders placed during H1 2026, largely comprising of Greek owners, and Asian buyers accounting for about a quarter of orders,” said Jialin Xu, Analyst, MSI. “The five largest VLCC orders were all placed at Chinese shipyards and overall, around 89% of contracts signed during the first half of the year went to Chinese builders. Hengli Shipbuilding emerged as the dominant player, securing 55% of the country’s H1 orders, with Jiangsu New Hantong and Dalian Shipbuilding Industry Co following with 14% and 11% respectively.”