S&P and Newbuilding Weekly 04 Sep 2026

The newbuilding market remains robust as geopolitical tensions in the Strait of Hormuz drive tanker rates to record heights, with VLCC average TC earnings hitting USD 376,871. Amid SMM 2026 in Hamburg, demand for newbuildings has broadened across sectors, evidenced by CSSC's recent doubling of orders year-on-year, including significant contracts for LNG carriers and PCTCs. Meanwhile, South Korean yard SK Oceanplant made headlines with its first conventional vessel orders in years, revitalising optimism in Korean shipbuilding. The market's positive momentum is underpinned by the ongoing crisis, contributing to exceptional earnings that are fuelling renewed newbuilding demand across various vessel types and sizes.