Iran Conflict Sparks Supertanker Buying Spree Worth Over $20 Billion

The ongoing conflict between the US and Iran has triggered an unprecedented surge in global orders for supertankers, with shipowners doubling their VLCC (Very Large Crude Carrier) bookings this year compared to all of 2025. The buying spree is worth over $20 billion, marking the largest such period in at least 25 years.

Data from Signal Group shows that 217 VLCCs have been ordered so far in 2026, more than twice the number booked last year (93). Allied Shipbroking recorded 164 VLCC orders, up from 83. A single VLCC can carry about two million barrels of oil.

This increased demand is driven by the US-Iran war's impact on trade routes and a growing need for long-haul crude shipments. Asian and European refiners are replacing lost supplies due to the virtual closure of the Strait of Hormuz, through which one-fifth of global oil and liquefied natural gas passes.

U.S. crude exports have reached record highs, and other Atlantic basin suppliers are boosting output. Regional production is expected to grow by 2.5 million barrels per day through 2030, largely feeding European and Asian markets and favoring longer-haul trades.