Product tanker owners are placing MR and LR2 contracts with shipyards entering tanker construction, as pressure on established builders encourages a wider search for capacity. Hellenic Shipping News, carrying a Veson Nautical report based on VesselsValue data, said first-time vessel orders at newbuild yards reached 51 in 2026, compared with 38 in 2025, an increase of 34%.
Among the latest entrants, Anhui Zhongrun Heavy Industry has secured its first tanker contract from a Greek owner. The order covers two firm 41,000-dwt MR1s plus three options, with delivery scheduled for 2029. The report cited a VesselsValue valuation of $38.6m. Haifeng Shipbuilding has also entered the sector, taking orders from Yangzijiang Maritime Development for two LR2s and four MR2s. According to the report, Haifeng’s absence of a tanker construction record has not resulted in a notable pricing difference.
The expansion extends beyond product carriers. The report said 18 more-established yards had taken their first tanker orders in recent years, with further entrants emerging. Aframax and Handy tankers account for most first-time activity. Builders entering the VLCC and Suezmax segments are more commonly established industrial groups or joint-venture facilities, suggesting owners are more selective about untested builders when ordering larger ships.
Hengli Shipbuilding illustrates the speed at which new capacity can gain market share. Having completed its first vessel in 2024, it has become Asia’s largest yard by orderbook size, according to the report. Its 495-vessel backlog, spanning bulkers, tankers and containerships, carries a value of $46bn. China is the main centre of the wider shift towards new tanker-building capacity.
Veson linked owners’ interest in alternative yards to limited availability at established tanker builders during the current ordering cycle. Tankers on order represent 11.8% of the fleet, with the figures reaching 27.5% for VLCCs and 26.8% for Suezmaxes. Despite newbuilding values approaching record levels across tanker segments, the report suggested owners see strong charter markets supporting relatively short investment payback periods. It cautioned, however, that the expanding pool of builders has yet to demonstrate whether delivery quality and schedules can be maintained at the pace implied by current order volumes.