The newbuilding market remains robust despite ongoing geopolitical tensions in the Middle East, with tanker orders comprising almost half of all Q1 orders, bolstered by strong earnings.
The recent ceasefire has not diminished buyer interest, as owners see high second-hand prices as a catalyst to reinvest in newbuilds, though caution persists in the second-hand market amid limited activity and uncertainty surrounding the Strait of Hormuz, which continues to disrupt oil supplies and shipping routes.