S&P and Newbuilding Weekly 06 November 2026

The tanker market has experienced heightened activity following the US midterm elections, with uncertainty around the Iran conflict affecting sentiment. Notably, VLCC sale prices soared, exemplified by a reported USD 126 million sale of the 21-year-old MT 'RISING SUN 1'. Additionally, Torm's strong financial performance has led to significant newbuilding orders, including eight LR2 tankers expected for delivery in 2029-2030, amidst continued demand in the sector driven by solid cash flows and secondhand values. Secondhand acquisitions also remained robust, with ADNOC acquiring the MV 'BAHAMAS L' for USD 22.25 million, showcasing a willingness to invest in quality tonnage despite market fluctuations.