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Or sign-in if you have an account.Tugboats move a crude oil tanker to its berth at the oil terminal at the port in Qingdao, in China's eastern Shandong province on June 8, 2026. Photo by CN-STR / AFP via Getty ImagesThe world’s shipowners have placed orders for a record number of new oil supertankers, surpassing a boom back in 2008 that ultimately led to a glut and a collapse in rates.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorThere are currently 262 supertankers, each capable of hauling 2 million barrels of crude oil, on order at shipyards around the world, according to Clarkson Research Services Ltd., a unit of the world’s largest shipbroker. The number, which would be enough to handle the entirety of the vast U.S. crude oil-export program, exceeds the prior peak, set in October 2008.The current tankers boom, and the potential for it to seed the next downturn, was a constant talking point when players gathered in Athens last week for the industry’s biennial Posidonia gathering.The market has been caught up in — and profited heavily from — the Iran war. Rates have doubled from pre-conflict levels and at times soared to all time highs of several hundred thousand dollars a day because of the disruption caused.However, the continued blockage of the Strait of Hormuz has also slashed cargo flows, which could in time dent earnings if sustained, especially if the conflict ultimately depresses long-term demand.“It’s temporarily better,” than when the market boomed in 2004-08, George Economou, a Greek shipping billionaire and founder of TMS Group, said in the Greek capital. “But if it continues, it’s going to be bad for the tankers.”The market capitalization of 15 of the largest listed tanker stocks has topped US$60 billion at times since the war, according to data compiled by Bloomberg. It was barely half that at the start of the year — a sign of the scale of the surge for the vital cog of the world’s oil trade.There’s another reason many owners of supertankers are awash with cash too — an enigmatic South Korean shipowner, with backing from MSC Mediterranean Shipping Company SA, has been snapping up tankers at sky-high prices in recent months.That’s left many of the companies that sold to Sinokor with both smaller fleets and more money, some of which they’ve reinvested in new vessels.Second-hand prices have also shot higher. A ship that’s 10 years old currently costs about US$115 million, the most since 2008, Clarkson data show.When assessed as a percentage of the existing fleet, the current level of ordering isn’t quite so big.By that marker the volume on order is equivalent to more than a quarter of the current fleet. Even so, that’s still the most since 2011 when the industry continued working off its ordering binge from three years earlier.Halvor Ellefsen, a director at Fearnleys Shipbrokers UK Ltd. and a long-time attendee at Posidonia, said the current boom — and the ebullient mood in Athens last week — reminded him most of the market back in 2008.Some owners point to the vast number of sanctioned ships as meaning the newbuild orders are necessary. The average age of the supertanker fleet is the highest since 1998, increasing the need for renewal, Clarkson data show.Zoom out beyond the tanker fleet and there’s a similar picture. Across the industry as a whole, vessel orders are the biggest in 14 years.“The biggest risk that shipping has right now is rich shipowners,” George Youroukos executive chairman at container firm Global Ship Lease told a panel at the Capital Link Maritime Leaders Summit.With assistance from Mitchell Ferman Join the Conversation This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.