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Tankers Push Order Book to 17-year High, BIMCO

[ April 10, 2026   //   ]

The global shipping order book reached a 17-year high of 191 million compensated gross tonnes (CGT) by the end of the first quarter of 2026, equal to 17 percent of the global fleet, according to BIMCO.

The increase reflects sustained newbuilding activity and a surge in tanker orders, including a record quarter for crude tanker contracting, said Filipe Gouveia, shipping analysis manager at BIMCO.

Newbuilding contracting totaled 17.6 million CGT in the quarter, up 40 percent year over year, driven by a tripling of tanker orders and a rebound in LNG carrier demand. Tankers accounted for 32 percent of total orders, the highest share since the second quarter of 2017. Contracting fell 17 percent quarter over quarter, however, as dry bulk orders eased following a late-2025 spike in capesize vessels.

Contracting in the 2020s is running 47 percent above the 2010s average, supported by stronger markets, fleet growth and renewal needs. BIMCO said 57 percent of orders placed this year are scheduled for delivery after 2028, highlighting longer shipyard lead times and higher prices.

Order book ratios remain elevated across key segments, including 40 percent for LNG carriers, 37 percent for container ships, 22 percent for crude tankers and 19 percent for product tankers. Aging fleets are a factor in tanker demand, with 21 percent of crude tankers and 17 percent of product tankers now more than 20 years old.

Chinese shipyards accounted for 70 percent of contracting in the quarter, followed by South Korea at 20 percent. Japan’s share fell to 1 percent.

BIMCO said rising order books, high prices and uncertainty around trade routes and alternative fuels could slow future contracting.

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