Clarksons Research data shows that from January to August 2025, the global newbuilding market placed orders for only 198 tankers with a total deadweight of 15.8 million tons, marking a sharp 61% year-on-year plunge. Tanker orders have plummeted dramatically.
The decline in orders for the tanker sector reflects weak market demand amid high newbuilding prices and policy uncertainties, with the industry facing dual challenges of weak freight rates and cost pressures.
Although overall tanker orders have plummeted, the order performance in the medium-sized tanker market remains relatively stable.
In August 2025, Hanwha Philly Shipyard achieved a rare surge in the new tanker construction market, securing what Clarkson described as “the largest merchant ship order for a U.S. shipyard in over 25 years.” The order, placed by Hanwha Shipping—a subsidiary of the Hanwha Group’s U.S. shipping arm—comprises 10 MR product tankers, with the first vessel scheduled for delivery in 2029.
Honwha Philly Shipyard’s order stands as a notable exception amid the tanker industry’s prevailing caution in placing new orders, highlighting the sector’s sustained interest in versatile tankers capable of both coastal and international oil transportation.
Meanwhile, Romania’s Constanta Shipyard has secured orders for two 40,000 DWT oil tankers after a long hiatus. Each vessel costs approximately $45 million and is expected to be delivered in the third quarter of 2027 and the first quarter of 2028. If the charterer or owner chooses to proceed, the order could increase to four vessels.