Greek shipowners have stepped up activity in newbuilding orders, with contracts surging in the first quarter of 2026, driven largely by tanker investments
Data from Xclusiv Shipbrokers shared with Riviera shows that Greek owners placed orders for 102 vessels in Q1 2026, up 209% from 33 units in the same period of 2025, which had been a slow year for newbuildings.
The rebound aligns with global trends, as worldwide orders jumped 34% in January-March. Greeks accounted for 24% of total global newbuilding activity.
According to Xclusiv Shipbrokers, Greek owners signed new agreements for 63 tankers in Q1 2026, up from just 13 a year earlier, marking a 385% increase.
Chinese shipbuilder Hengli Heavy Industries has secured a large share of Greek investments, offering attractive early delivery slots, though orders have also been placed at other major Chinese yards, such as CSSC, and selected South Korean facilities.
Greeks focused heavily on VLCCs and Suezmaxes, ordering 24 and 23 vessels respectively. The MR2 tanker segment also saw notable activity, with 12 vessels contracted.
Analysts have noted that the ageing tanker fleet is driving the need for renewal and replacement, while high secondhand asset values make newbuildings an attractive option.
Greek owners also placed orders for 16 bulk carriers, compared with just three in Q1 2025. Capesize and Newcastlemax vessels accounted for 75% of the activity, reflecting fresh momentum in the segment after years of limited contracting.
Gas carrier orders rose 175%, from four vessels in 2025 to 11 this year, dominated by LNG carriers. Major owners, including Maran Gas, Alpha Gas, Tsakos Energy Navigation, and TMS Cardiff Gas, have all returned to shipyards for new tonnage. South Korean yards have captured most of these contracts, targeting high-value assets. All in all, LNG newbuilding activity is picking up after a sluggish 2025.
Container vessel investments, by contrast, remained largely flat, with 13 orders in Q1 2026, compared with 12 the previous year. Greek owners favoured feeder and Handy tonnage, with China the preferred shipbuilding destination.
Global orders confirm the trend
The global newbuilding picture also points to a surge in demand. Xclusiv Shipbrokers data shows 422 vessels contracted in Q1 2026, up from 315 in the same period last year.
Tanker contracts jumped 92%, from 79 to 152 vessels. Mirroring the Greek trend, VLCCs led global orders with 64 vessels, followed by 41 Suezmaxes. Notably, in Q1 2025, just three VLCCs were added to the orderbook.
Bulk carrier orders declined slightly, with 74 vessels contracted, down from 80 in Q1 2025. Ultramaxes led the segment with 33 orders, while Newcastlemax vessels totalled 17. Conversely, Handysize orders lost momentum, falling to five from 37 a year earlier.
Newbuilding activity in the container segment rose 10%, significant in the context of last year’s already high orderbook. Among 159 vessels contracted in Q1 2026, feeders led with 63 ships, followed by Handy and ultra-large container vessels.
Gas carrier orders increased 208%, from 12 to 37 vessels, driven by LNG carriers between 141,000 and 200,000 m³, which dominated investment interest.
Source: Riviera
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