VLOC deliveries return in 2026 after long pause

In the VLOC segment, after several years without newbuilding deliveries and a stagnant fleet profile, deliveries are set to resume in 2026, signalling a return to fleet expansion.

VLOC fleet evolution showing annual deliveries and demolitions from 2007 to 2027, with fleet size increasing from 2026 as newbuilding deliveries resume and demolitions decline.

Ordering activity has accelerated sharply in recent months, highlighted by a surge in Dec’25 alone (18 units ordered). As a result, the orderbook-to-fleet ratio has climbed to 26%, its highest level since 2019.

Once delivered in 2026–27, these vessels are expected to help absorb incremental tonne-mile demand linked to a pipeline of mining projects in Guinea, starting with Simandou.

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