Between January and August 2025, contracts for the construction of new product tankers fell by 86% compared to the same period the previous year. This decline contrasts with the boom recorded in 2023 and 2024. Since the beginning of 2025, the order book has been reduced by 12% in terms of tonnage, to 37.2 Mdwt, which is equivalent to 19.2% of the global product tanker fleet.
Despite the slowdown in the signing of new contracts, the high volume pending delivery will lead to an increase in the addition of newbuild vessels to the fleet in the next two years. This factor could put pressure on freight rates and favor the recycling of older vessels. The current fleet has been aging since 2011 and the average age of tankers is 14 years.
According to Bimco, in the short term, the contracting of new product tankers could remain at low levels due to the high volume of orders still in the backlog and limited demand prospects. The gradual replacement of cars with combustion engines by electric vehicles is expected to cause a decline in the demand for gasoline and diesel greater than the projected growth in the consumption of naphtha and aviation fuel.
