US-Iran tensions boost oil tanker orders

In 2026, there was a significant surge in the demand for giant oil tankers, with their total value exceeding $20 billion—the largest purchasing wave in 25 years—driven by the need to redefine trade routes amid ongoing wars and increased demand for long-distance shipping. The Signel Group platform recorded orders to purchase 217 tankers compared to 93 last year. Similarly, Allen Ship Breaking increased its orders to 164 tankers from 83 in the previous year, reflecting a strong push to boost shipping from the Atlantic basin toward Asia, despite market shifts away from fossil fuels. Refineries are compelled to source alternative supplies, including exports from the US and China, due to the closure of the Hormuz Strait and damage to Saudi Arabia’s pipeline, which has caused shipping costs to rise above $500,000 daily. Additionally, the fleet requires renewal, as 20% of the ships are over 20 years old, with older vessels supporting a shadow fleet subject to sanctions.

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