In 2025, Greek shipowners invested heavily in the construction of new large crude oil tankers, with Suezmax tankers being their preferred vessel type.
Data from shipbroker Xclusiv shows that between January and October 2025, Greek shipowners placed orders for a total of 31 Suezmax tankers and 6 Very Large Crude Carriers (VLCCs). These two vessel types accounted for 77% of all tanker orders during the same period. Current Suezmax tanker orders have already surpassed the full-year 2024 total of 27 vessels, while VLCC orders are rapidly approaching the 9-vessel level recorded for all of 2024.
Although Greek shipowners have focused on ordering large tankers this year, the overall order volume for 2025 remains below the 2024 level.
From 2025 to present, Greek shipowners have ordered a total of 48 tankers, including 31 Suezmax tankers, 6 VLCCs, 8 MR2 tankers, 2 Aframax/LR2 tankers and 1 small tanker. By comparison, Greek shipowners placed orders for 136 vessels in 2024. Beyond Suezmax and VLCCs, these included 30 MR2-class, 26 Aframax/LR2-class, 22 Panamax/LR1-class, and 14 Handy MR1-class tankers, among other types.
Xclusiv data shows that as of the end of October, Greece’s tanker orders reached 285 vessels, accounting for 24% of the total deadweight tonnage of the global tanker fleet under construction. Among these, Suezmax tankers represent 30%, while Aframax/LR2 tankers account for 22%.
Shipbrokers point out that the surge in crude oil tanker orders is due to two main factors: the aging of the existing fleet and the positive impact of increased ton-miles and adjustments in trade patterns on the freight market.
Xclusiv’s latest monthly report indicates that, in terms of deadweight tonnage, Suezmax tanker orders have reached 20% of the current fleet size, and about 35% of the existing Suezmax tankers are 16 years or older; VLCC orders account for 13% of the fleet size, with 35% of the vessels also being 16 years or older.
According to data compiled by Xclusiv, global shipowners placed orders for 196 tankers from January to October 2025, marking a sharp decline of nearly 70% compared to the 643 vessels ordered during the same period last year.
Suezmax tankers lead this year’s market with 50 new vessels, followed by small tankers (47), MR2 tankers (40), and VLCCs (28). Notably, Suezmax tankers are the only vessel type showing growth, surpassing the 45 vessels placed throughout all of 2024.
Xclusiv’s latest weekly report indicates that 69% of the world’s oil tankers under construction are being built by Chinese shipyards.
Meanwhile, Chinese shipowners are advancing an ambitious newbuilding program encompassing 200 tankers, with smaller vessels dominating—as evidenced by the 98 small tankers and 51 MR2 tankers currently under construction. Analysts attribute this trend primarily to robust demand from regional product trade and the ongoing expansion of China’s independent refinery network.