According to data from shipbroker BRS, the orders placed for Very Large Crude Carriers (VLCCs) and Suezmax tankers in the first quarter alone are enough to make it one of the most active periods on record.

The firm noted that if the order volume from the first three months of 2026 were annualized, the 85 VLCC orders would rank as the third-highest in history, while the 58 Suezmax orders would place the year in the top five since 2000.

"Towards the end of 2025, the VLCC market saw a surge in strong demand. This was driven by OPEC+ gradually lifting production cuts, increased output from Brazil and Guyana, rising crude oil transport demand, and China restocking inventories which boosted ton-mile demand—all while newbuilding deliveries in this segment remained scarce," the brokerage pointed out.

BRS added that another factor driving the growth in VLCC orders is likely the aggressive acquisition strategy of the Korean shipowner Sinokor Maritime, which has cumulatively built up a massive fleet of up to 140 VLCCs.

Regarding Suezmax tankers, BRS stated that these vessels will benefit from increased production in Guyana and Kazakhstan, as well as Europe's continued avoidance of Russian oil. The current order volume has pushed the orderbook-to-fleet ratio for this vessel type to 29%, making it the market segment with the highest proportion of ships under construction.

Despite continuously rising asset prices, the order boom shows no signs of slowing down.

Data from VesselsValue shows that since the beginning of the year, the contract price for a newbuild VLCC has risen by nearly 6% to $134 million. During the same period, the contract price for a newbuild Suezmax tanker rose by 10.3% to $94.7 million.

For both vessel types, the value of a 5-year-old ship is currently higher than the contract price of a newbuild. The valuation agency assessed the value of a 5-year-old VLCC at $143 million, while a 5-year-old Suezmax tanker is valued at just under $101 million.

In the latest VLCC transactions listed by VesselsValue, MOL India sold the 308,000 dwt Kasagian (built in 2006) for $60 million to Dubai-based owner Lila Global. Lila Global is the shipowning platform under GMS, the world's largest ship recycling group, and has been continuously increasing its stake in the tanker market over the past year, acquiring multiple VLCCs and product tankers.

Additionally, Teekay Tankers sold the 156,900 dwt Baker Spirit (built in 2009) for $53.5 million to an unnamed Greek shipowner.