Crude Tanker Newbuild Contracting Jumps 490% As VLCC Orders Surge

Crude tanker newbuild contracting surged to 7.4 m DWT, a 490% leap y/y, due to a rise in orders for very large crude carriers – VLCCs.
Freight rates for crude tankers have spiked and stayed strong during the first two months of 2024.
During 2023, orders for suezmax ships rapidly increased and orders for VLCCs have followed. By February 2024, the crude tanker orderbook to fleet ratio had risen to 6.2%.

In the first two months of 2024, crude tanker newbuild contracting surged to 7.4 m DWT, a...