Orders for Tankers Rise 32% Year Over Year

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 Orders for Tankers Rise 32% Year Over Year


The first few months of 2024 saw an uptick in tanker orders. 104 Tankers have been added to the global orderbook so far this year, compared to 79 during the same period last year, signifying a c.32% rise year over year.

In every subsectors, the values of tanker newbuildings have also increased. The largest increase is shown in LR2s of 115,000 DWT, which increased by c.7.31% from USD 69.11 mil to USD 74.16 mil at the beginning of the year. The values for this sector continue to rise and are close to their best points since 2008.

The bulk of the Tankers ordered this year—roughly 37%—were in the MR sector, followed by VLCCs (31%), Suezmaxes (19%), and LR2s (12%).

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