According to current delivery schedules, product tanker newbuild deliveries are set to reach 12m deadweight tonnes (DWT) in 2025. Deliveries will therefore jump 256% compared to the 3.4m DWT delivered in 2024.
According to current delivery schedules, product tanker newbuild deliveries are set to reach 12m deadweight tonnes (DWT) in 2025. Deliveries will therefore jump 256% compared to the 3.4m DWT delivered in 2024. At the same time, deliveries will reach a 16-year high and the second highest on record,” says Niels Rasmussen, Chief Shipping Analyst at BIMCO.
The increase in deliveries follows an increase in contracting of new ships during 2023 and 2024. During those years 551 new ships were contracted with a capacity of 38.7m DWT, significantly up from the yearly average of 122 ships (7.3m DWT) recorded over the previous 10 years.
“The spike in contracting has increased the order book from 10.6m DWT at the beginning of 2023 to 41.2m DWT at the start of 2025. During the same period, the order book to fleet ratio rose from 6% to 22%,” says Rasmussen.
During the last two years, the MR segment attracted the most orders with 278 ships contracted while the LR2 segment saw the most capacity ordered with 19.2m DWT.
The two segments also dominate deliveries for 2025 with 98 MRs and 52 LR2s (4.9m and 6.0m DWT respectively) scheduled. Compared to the fleet size at the
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