The list of yards building Tankers is widening, with a mix of brand new builders and established builders extending into the sector for the first time.
Fifty-one vessels have been ordered for the first time at newbuild yards in 2026, up 34% from 38 in 2025, according to VesselsValue’s newbuild orderbook data. Eighteen more-established yards have now received their first Tanker orders in recent years, with more emerging; Anhui Zhongrun Heavy Industry received its first Tanker order of a Handy recently.
Yards breaking into the Tanker market
Perhaps the clearest illustration of this pace is Hengli Shipbuilding, which built its first vessel only in 2024 and has since become the top Asian yard by orderbook size with 495 vessels on order — across Bulkers, Tankers, and Containers — and a value of USD 46 bil. Its rapid ascent from newcomer to market leader in under two years underscores how quickly new entrants have been able to capture significant order share amid the current capacity crunch.
Geographically, the trend is heavily concentrated in China, home to 11 of the 16 yards, though single entrants have also emerged in South Korea, Vietnam, Brazil, the US, and Philippines.
By sub-type, Aframaxes and Handy Tankers account for the majority of first-time activity. VLCC and Suezmax entrants, by contrast, tend to be established heavy-industry groups or joint-venture facilities, such as Wison New Energies Nantong (VLCC) and Guangzhou CSSC Shipbuilding Industry (Aframax, Handy Tanker, Suezmax), rather than genuinely new builders, pointing to a size-based divide in owner willingness to commit to unproven yards.
Yards continue to take on Tanker orders outside their usual remit: Anhui Zhongrun Heavy Industry received its first order for a Tanker, 2+3 MR1 units of 41,000 DWT, set for 2029 delivery, from a Greek owner, with a VV Value of USD 38.6 mil.
This follows a similar pattern seen earlier this month at Haifeng Shipbuilding, which received its first Tanker orders from Yangzijiang Maritime Development for two LR2s and four MR2s. There has been no notable pricing differential at Haifeng despite its lack of Tanker-building history.
Why are owners choosing to build at new yards?
Owners’ willingness to place orders at yards without an established Tanker track record likely reflects capacity constraints at established Tanker-building yards amid the current ordering wave.
High orderbook levels support this, with 11.8% of the Tanker fleet on order, rising to 27.5% for VLCCs and 26.8% for Suezmaxes. In fact, Suezmaxes of 160,000 DWT have recorded the largest monthly increase, up 4.98% from USD 91.68 mil to USD 96.25 mil.
Even with newbuild values elevated — and nearing all-time highs across all Tanker sub-sectors — owners appear confident that strong charter market conditions support a relatively short payback period on newbuild investment.
What to watch as the builder base expands
This combination of capacity pressure and payback confidence echoes, to some extent, the ordering enthusiasm of the 2000s, though the current wave is arguably underpinned by a broader base of owners and yards rather than concentrated speculative activity. Whether this expanding builder base can maintain delivery quality and scheduling disciplines at the pace current order volumes imply remains to be seen, but for now, the willingness of both owners and yards to look beyond established Tanker-building names shows no sign of slowing.
