Shipowners have placed a record number of orders for very large crude carriers (VLCCs), surpassing the previous peak set in 2008, with 262 supertankers now on order worldwide, Bloomberg reported. The surge is being driven by strong tanker earnings during the current Iran-related disruption, which has pushed charter rates to multi-year highs as rerouted trade and restricted flows through chokepoints like the Strait of Hormuz tighten supply.
Industry participants, however, warn that the boom echoes the conditions that led to the post-2008 glut, when overordering eventually collapsed rates. While sanctions and an aging global fleet are partly justifying new construction, concerns are growing that the scale of investment could again overshoot demand once geopolitical disruptions ease.
