Greek tanker rush lifts newbuilding market; Cyprus-linked firms stay active

Greek shipowners staged a strong return to the newbuilding market in the first quarter of 2026, with orders rising sharply and tankers accounting for the bulk of the activity, according to data cited by Xclusiv Shipbrokers.  

Greek interests ordered 102 vessels in the January-March period, up from 33 a year earlier, as total global contracting climbed to 422 ships from 315 in the same period of 2025.  

The rebound was led by a decisive shift back into tankers. Greek owners booked 63 tanker newbuildings in the first quarter, up from 13 a year earlier, with activity heavily concentrated in the larger crude segments.  

That included 24 VLCCs and 23 Suezmaxes, underlining what Xclusiv described as an “outsized” Greek role in the latest ordering cycle.  

The move was mirrored at global level. Tanker contracting across all classes rose to 152 vessels from 79 a year earlier, while VLCC and ULCC orders jumped to 64 from just three.  

Suezmax orders also accelerated, reaching 41 units worldwide, showing that the rush was not limited to Greek buyers alone but reflected a broader push into large crude tonnage.  

At the same time, Greek owners also returned to large dry bulk in size, ordering 16 bulkers versus three a year earlier, including six Capesize and six Newcastlemax vessels after no contracting in those categories in the first quarter of 2025.  

They also placed nine LNG carrier orders, signalling a parallel move into gas shipping as owners positioned for demand beyond the crude market.  

Dry bulk contracting globally was slightly softer overall, easing to 74 vessels from 80. The mix shifted towards larger ships, with Newcastlemax orders rising to 17 from nine and Capesize orders to nine from four, suggesting that owners are increasingly favouring scale where long-haul cargo exposure remains attractive.  

Container ship investment remained comparatively steady. Greek owners ordered 13 containerships in the quarter, broadly in line with 12 a year earlier, with interest centred on feeder and handy sizes rather than the larger end of the boxship market. 

Globally, container orders reached 159 units, around 10 per cent higher year-on-year, led by feeder vessels.  

Riviera said Greek owners accounted for about 24 per cent of all global newbuilding activity in the quarter, reinforcing their position as the most aggressive buyers in the market during the period.  

It also said Chinese yards, including Hengli Heavy Industries and CSSC-linked builders, captured a large share of the Greek ordering flow, helped by relatively attractive delivery availability, while some business also went to South Korean shipyards.  

The pattern points to a clear preference for larger and more commercially flexible tonnage, particularly in crude transport, at a time when owners are reassessing fleet renewal, trade flows and future earnings visibility.  

Xclusiv said the first quarter sent a “sharp and unambiguous signal” that owners were ordering at scale and that tankers were driving the market narrative.  

Cyprus-linked groups, while nowhere near the Greek volumes, have also remained active in more specialised parts of the market. Mitsui O.S.K. Lines said in March it would jointly own two commissioning service operation vessels with Schoeller Holdings, which it described as a Cyprus-based global shipping company, with delivery due in 2027.  

The vessels form part of a wider four-ship offshore wind platform being developed with Deutsche Offshore Schifffahrt.  

Meanwhile, another Cyprus-based owner, Lemissoler Navigation, has ordered four plus four methanol dual-fuel 65,000-dwt Ultramax bulkers in China, in one of the clearest Cyprus-linked bets on lower-emission dry bulk tonnage.  

Offshore Energy reported that the order was signed in May 2024, while Lemissoler’s own material refers to it as a recent order for 4+4 methanol dual-fuel bulkcarriers.  

Safe Bulkers said in January it had agreed to acquire two 82,500-dwt Kamsarmax newbuilds, with deliveries due in the third quarter of 2028 and the first quarter of 2029, while it has been described the company as a Limassol-linked dry-bulk owner. The vessels are designed to meet IMO GHG-EEDI Phase 3 and NOx Tier III requirements, extending a wider fleet renewal strategy. 

Cyprus-linked activity has also extended beyond conventional yard orders. Pelagic Credit, tied to Pelagic Partners, said in March it had completed the acquisition of the offshore support vessel Nautical Singapore for a net purchase price of $24.8 million.  

Upon delivery, the vessel entered a five-year bareboat charter, adding an estimated $28.2 million in gross firm charter backlog. That points to a different kind of Cyprus-linked expansion, centred on structured vessel investment rather than pure newbuilding contracts.  

Elsewhere, Star Bulk Carriers, which has shipmanagement offices in Limassol, ordered three Kamsarmax vessels at Hengli Shipyards in China at an estimated $35 million per vessel, with the newbuildings to be fitted with scrubbers.  

Meanwhile, Euroseas announced in March that it had signed a contract for two specialised 2,800-TEU high-reefer containerships in China, adding to the broader picture of eastern Mediterranean owners continuing to invest in new tonnage.  

The broader Cyprus backdrop has also strengthened. It was reported in February that the Cyprus ship registry had increased total tonnage by 23 per cent since September 2023, reaching its highest level in 25 years.  

Separate reporting last year put the Cyprus flag fleet at 24.4 million gross tonnes, ranking it tenth globally among flag states. And in April this year, Royal Caribbean registered Navigator of the Seas under the Cyprus flag, making it the group’s second ship in the Cyprus registry after Spectrum of the Seas.