The crude tanker orderbook surged to 28 per cent of fleet, driven by record VLCC and Suezmax contracting in H1 2026 despite historically high newbuilding prices. BDTI averaged 2,526 points in Q2, while an ageing fleet and sanctions-related demand continue to support ordering.
The product tanker orderbook remains elevated at just below 20 per cent of fleet, although strong deliveries have slightly reduced its ratio. Record refining-driven earnings and a Q2 BCTI average of 1,717 points continue to underpin newbuilding interest.
Dry bulk ordering slowed sharply in Q2, but the orderbook remains healthy at 13.4 per cent of fleet, with Supramax/Ultramax and Kamsarmax vessels dominating. Strong freight fundamentals lifted the BDI to 2,751 points, its highest quarterly average since late 2021.
The LNG orderbook stands at 54.5 Mn Cbm (38 per cent of fleet), reflecting continued confidence in long-term LNG trade growth despite softer Q2 contracting. Large 150k–200k Cbm vessels account for 76 per cent of all orders, while freight rates remain highly supportive.
The LPG sector recorded its strongest-ever quarter by capacity ordered, pushing the orderbook above 31 per cent of fleet. Strong VLGC demand and record BLPG freight earnings continue to encourage aggressive newbuilding investment.
Containership ordering remained subdued, but limited deliveries have kept the orderbook above 37 per cent of fleet, equivalent to 12.45 Mn TEU. ULCVs and Feedermaxes dominate the backlog, while a large delivery pipeline extends into 2027–28.