Deliveries of new product tankers are expected to reach a 16-year high in 2025, with data showing active involvement of Greek shipowners.
According to an analysis by the world’s largest shipping company (BIMCO), the current year is characterized as a milestone in terms of new product tankers that will be launched, as they are expected to reach 12 million tons (dwt) in 2025, compared to 3.4 million in 2024 (an increase of 256%).
In fact, as BIMCO’s chief analyst, Niels Rasmussen, pointed out, the number of product tankers that will be delivered in the coming months marks the second-best year of all time.
“The crescendo of new contracts led to an increase in the order book from 10.6 million dwt at the beginning of 2023, to 41.2 million dwt in early 2025, while in the same period total orders increased from 6% to 22%,” Rasmussen emphasized.
Over the past two years, the medium-range (MR) product tanker segment has attracted the most orders, with 278 ships signed, while the long-range (LR2) segment has the largest capacity with 19.2 million dwt.
At the same time, these two segments (MR and LR2) also dominate deliveries for 2025 with 98 MR and 52 LR2 ships respectively.
It is worth noting that LR2 tankers have a capacity ranging from 80,000 to 160,000 dwt and are used to transport refined petroleum products, crude oil and chemicals over long distances.
Also, according to Xclusiv data, there are currently around 1,800 MR2s in operation, representing 23% of the total tanker fleet exceeding 10,000 dwt.
In terms of fleet size, the planned Handysize, MR, LR1 and LR2 deliveries will add dwt capacity to the global fleet by 2%, 6%, 3% and 12% respectively.
At the same time, almost 75% of the ships scheduled for delivery in 2025 have been contracted during the last two years.
However, only 7% will be capable of using alternative fuels.
Greek deals
Orders for the construction of MR and LR oil tankers show that Greek shipowners are investing in product tankers, amid an aging existing fleet and positive freight prospects.
This trend is also reflected in the data provided to “Ν” by the shipping brokerage house Xclusiv Shipbrokers, according to which Greek companies ordered 127 tankers (≥ 10,000 dwt) last year.
Of these orders, 26 concerned MR2 tankers, representing 20% of total Greek tanker orders.
LR2 tankers had a smaller share with 16 orders, constituting 12.5% of total Greek orders.
At the same time, as reported by Xclusiv, in the total tanker orderbook, Greek shipowners have signed agreements for 303 ships (27% of the total tanker orderbook), of which 48 are MR2 tankers and 86 are LR2 tankers.
The activity in the sale and purchase (Sale and Purchase – S&P) of used ships was also particularly active in 2024, with Greek shipowners acquiring 48 tankers (≥10,000 DWT).
The MR2 sector was also the most popular in this case, with Greek companies acquiring 17 ships (35% of total Greek acquisitions).
In the LR2 sector, 7 ships were acquired by Greek shipowners, representing 14.5% of total acquisitions.
During the same period, Greek shipowners sold 70 ships. Of these, 23 were MR2 tankers (33%) and 14 were LR2 ships.
