According to Xclusiv Shipbrokers data shared with Riviera, dry bulk and tanker sale-and-purchase activity increased by 14% and 58%, respectively, during the first half of 2026 compared with the same period last year. Newbuilding contracting has been even stronger, rising by 61% for bulk carriers and an impressive 195% for tankers.
Beginning with tankers, Xclusiv Shipbrokers research analyst Eirini Diamantara said shipowners have ordered 407 vessels so far this year, compared with just 138 during the first half of 2025.
VLCCs are leading the way, accounting for 36% of all tanker orders, with 147 vessels contracted compared with only 13 a year earlier.
MR2 tankers rank second, with orders climbing to 82 vessels from 16, while Suezmax orders reached 76, up from 33. Aframax/LR2 tanker contracting has also rebounded sharply, rising to 66 vessels from just 10 in 2025.
The tanker orderbook has now climbed to almost 25% of the existing fleet in dwt terms, compared with just over 15% at the same point last year.
Shipowners and operators hold mixed views on the expanding orderbook. While fleet renewal remains a priority, continued ordering at the current pace could increase the risk of oversupply later in the decade.
Greek owners have firmly established themselves as the dominant force in the tanker newbuilding market, accounting for 36% of all orders, or 147 vessels. Nearly all of the country’s major owners have either expanded their orderbooks or returned to shipyards for sizeable investments in 2026, largely favouring conventionally fuelled vessels. Fleet renewal and confidence in long-term market fundamentals continue to underpin this investment strategy.
Greek owners also led tanker ordering in 2025, although with a much smaller total of 37 vessels.
Chinese owners rank second this year with 86 tanker orders, followed by Singaporean interests with 36.
Ultramax, Capesize orders drive dry bulk contracting growth
Turning to dry bulk, Ms Diamantara said 285 vessels were contracted worldwide during the first six months of 2026, compared with 177 in the same period last year.
Ultramax orders have more than doubled to 109 vessels from 51, while interest in Kamsarmax bulkers has also strengthened, with orders increasing to 52 from 36.
The Handysize segment remains the third most popular, although contracting eased slightly to 48 vessels from 54. Capesize orders have more than quadrupled, reaching 26 vessels compared with just six in 2025, while Newcastlemax contracting has increased significantly to 37 ships from 17.
Despite the increase in contracting activity, the dry bulk orderbook remains relatively modest. According to Xclusiv Shipbrokers, vessels under construction represent around 14% of the existing fleet, compared with 10.5% a year ago.
Greek owners also lead dry bulk ordering, accounting for 24% of all contracts, with 69 vessels ordered. They ranked third last year with only 13 bulk carrier orders. Riviera has reported that several major Athens-based owners have focused on Capesize and Kamsarmax vessels this year, with China’s Hengli Heavy Industries emerging as one of the preferred shipyards.
Last year’s leading nation, China, has slipped to second place, although its ordering activity has remained broadly stable at 56 vessels compared with 58 in 2025. Japanese owners have also scaled back investment, placing orders for 14 vessels compared with 24 last year, dropping to third place globally.
Rising secondhand activity
A similarly strong investment trend is evident in the secondhand market.
Ms Diamantara said 339 tankers changed hands during the first half of 2026, compared with 214 in the corresponding period of 2025.
VLCCs again dominated activity, with 79 vessels sold compared with 30 a year earlier. The Sinokor/MSC joint venture has been a major driver of this activity, helping South Korean owners top the buyers’ rankings with 55 acquisitions.
Greek owners remained in second place for a second consecutive year, purchasing 42 tankers, while Chinese buyers dropped from first to third after acquiring 21 vessels, half the number purchased in 2025.
Beyond VLCCs, MR2 tankers were also highly sought after, with 78 vessels changing hands, while Suezmaxes ranked third with 42 sales.
In the dry bulk market, 412 vessels changed ownership during the first half of the year, compared with 361 in the corresponding period of 2025.
The Supramax/Ultramax segment led activity with 134 transactions, up from 102. Handysize sales slipped slightly to 94 from 100, while both Kamsarmax and Capesize transactions recorded year-on-year growth.
Notably, the two largest buying nations, China and Greece, have reduced their secondhand acquisitions this year. Chinese owners purchased 86 bulk carriers, down from 129 in 2025, while Greek buyers acquired 49 vessels compared with 74 a year earlier. Singapore replaced Vietnam as the third most active buyer with 12 acquisitions.
Asset values continue to rise
The surge in investment has coincided with rising asset values.
According to Xclusiv Shipbrokers, newbuilding prices have increased by as much as 4% year on year across all bulk carrier segments, while tanker newbuilding prices have risen by up to 7%.
Secondhand values have strengthened even more sharply, climbing by as much as 40% across the bulk carrier market over the past year and by up to 65% for tankers.
