Clarksons data shows that from January to August 2025, the global new shipbuilding market placed orders for only 198 tankers, with a total deadweight tonnage of 15.8 million, a sharp decrease of 61% year-on-year. Tanker orders have shrunk drastically.
The decline in orders in the tanker industry reflects weak market demand against the backdrop of high newbuilding prices and policy uncertainty. The industry is facing the dual challenges of weak freight rates and cost pressures.
Medium-sized Tanker Orders Buck the Trend
Although the overall order volume plummeted, the order performance in the medium-sized tanker market was still acceptable.
In August 2025, Hanwha Philly Shipyard achieved rare growth in the new tanker shipbuilding market, successfully securing what Clarksons called the “largest commercial ship order for a US shipyard in over 25 years.” This order came from its affiliated company, Hanwha Group’s US shipping company Hanwha Shipping, for a total of 10 MR product tankers. The first ship is expected to be delivered in 2029.
The order for Hanwha Philly Shipyard is also a notable exception to the general cautious ordering in the tanker industry, highlighting the industry’s continued interest in versatile tankers capable of both coastal and international oil transportation.
Meanwhile, Romania’s Constanta Shipyard secured an order for two 40,000 deadweight ton tankers after many years, with each ship costing approximately $45 million. They are expected to be delivered in the third quarter of 2027 and the first quarter of 2028, respectively. If the charterer or shipowner chooses to proceed further, the order size could increase to four ships.
