US-Iran tensions drive oil tanker orders
Ship owners recorded orders to purchase more than 200 ultra-large tankers in 2026, marking the largest increase in 25 years, with a value exceeding $20 billion. This surge is attributed to changing trade routes due to the war and the rising demand for long-distance oil shipping. The demand for tankers reflects the continued strength of the oil market despite the shift toward clean energy. It comes amid refineries' need to compensate for supplies through record exports from the U.S. and South American countries. Additionally, shipping costs have risen to over $500,000 per day, and more than 20% of the large tankers are over 20 years old, highlighting the pressing need to renew the fleet.
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