“Due to low contracting volumes in 2022, the crude tanker order book/fleet ratio bottomed out at 2.8% in March 2023. It has climbed steadily since and has now hit a nine-year high
“Due to low contracting volumes in 2022, the crude tanker order book/fleet ratio bottomed out at 2.8% in March 2023. It has climbed steadily since and has now hit a nine-year high of 14.1%. The order book may kickstart the renewal of a fleet that has grown older on average since 2018,” says Niels Rasmussen, Chief Shipping Analyst at BIMCO.
Since 2023, 325 crude tankers with a deadweight capacity of 68.7m tonnes have been contracted and the order book now contains 309 ships totalling 65.8m deadweight tonnes (DWT).
The three largest shipbuilding nations in the world, China, South Korea and Japan, also dominate the crude tanker sector. Shipyards in China hold 60% of the crude tanker capacity on order while South Korea and Japan hold 31% and 8% respectively. The remaining 2% is held by yards in the Philippines, Russia and Iran.
Deliveries are currently scheduled to peak at 28.2m DWT in 2027 and 98% of the order book DWT capacity is scheduled to be delivered before the end of 2028. Suezmax and VLCC tankers dominate the order book with 135 and 128 ships respectively.
“The order book’s size may appear too large compared to the expected global oil demand
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