Tanker market close to record levels in the freight sector

The tanker market remained at elevated levels in April, with freight rates holding steadily close to historic highs.

At the same time, the orderbook stands at nearly 20% of the active fleet, while shipbuilding and second-hand vessel prices are also trading at historically high levels. According to Intermodal data, VLCC spot rates averaged 192,766 dollars per day, down 25.4% compared to the previous month.

Despite the correction, these levels remain significantly higher than the ten-year average of 36,689 dollars per day.

One-year time charter rates for VLCCs closed at 123,250 dollars per day, down 2.6% month-on-month, while three-year charters declined by 10.2% to 72,750 per day. This trend indicates that the market continues to price in positive medium-term prospects for crude tankers, albeit with more tempered optimism compared to the previous peak period.

In the Suezmax segment, the spot market also recorded a notable decline. The average time charter equivalent (TCE) rate stood at 217,157 dollars per day, down 21.8% from the previous month.

One-year charters were priced at 75,500 dollars per day, down 5.6%, while three-year period charters remained broadly stable at 47,000 per day.

By contrast, the Aframax/LR2 segment showed a stronger performance. Spot earnings increased by 4.2%, with the average TCE reaching 193,689 dollars per day. One-year charter rates stood at 66,750 dollars per day, up 4.7%, while three-year period charters reached 40,750 per day.

Even stronger momentum was recorded in the LR1 segment, where spot rates surged by 54.7% to 144,820 per day. One-year period charters reached 39,750 per day, while three-year rates stood at 30,000 per day.

In the MR product tanker segment, average spot rates rose by 13.7% to 63,877 dollars per day, while the Handy segment also posted a sharp increase of 45.9%, with average daily earnings reaching 84,920.

Shipbuilding

In the shipbuilding sector, 58 new orders were recorded in April, bringing the total for the first four months of 2026 to 248.

VLCCs dominate with 98 orders at an average price of 130 million dollars, followed by Suezmax vessels with 62 orders at 89 million, MR tankers with 50 orders at 50 million, and Aframax tankers with 31 orders at an average price of 77 million.

The total tanker orderbook stands at 1,201 vessels against an active fleet of 6,204 ships, representing an orderbook-to-fleet ratio of approximately 19%.

The largest concentration of new orders is in VLCCs, with an orderbook of 250 vessels.

The Suezmax orderbook stands at 203 vessels, while Aframax/LR2 totals 221 vessels.

MR tankers account for 363 vessels, reflecting long-term investor confidence in this segment.

Fleet age profile

The global tanker fleet’s age profile continues to be a key factor influencing market dynamics.

Of the total 6,204 tankers in operation, 753 vessels are under five years old, 1,172 are between five and ten years old, 1,051 between ten and fifteen years, and 1,701 between fifteen and twenty years.

In addition, 1,527 vessels are over twenty years old, representing approximately 28% of the total fleet.

In the VLCC segment, the active fleet comprises 919 vessels, of which 198 are over 20 years old.

In Suezmax, the fleet totals 709 vessels, with 156 aged above 20 years.

The Aframax/LR2 segment includes 1,231 vessels, with 290 over 20 years old.

The Panamax/LR1 segment consists of 475 vessels, of which 152 are over 20 years old.

The largest segment is MR tankers, with a total fleet of 2,508 vessels, including 622 aged over 20 years.

Demolition activity

Scrapping activity remained limited, with a total of seven tankers sent for demolition, primarily in the Handy and MR segments.

The subdued level of recycling continues to constrain fleet renewal, despite a significant portion of the global fleet now being of advanced age.

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