Product tankers are playing a decisive role in shaping the structure of the global tanker fleet, currently constituting the largest sector in terms of numbers and one of the main growth drivers.
With more than 2,800 ships in operation and orders on the rise, Greek shipowners are consolidating their position in the market, investing either in newbuildings or in second-hand tonnage.
In particular, based on the Allied Quantumsea Research report, the Medium Range (MR) category (capacity 126 million dwt) covers almost half of the ships over 25,000 dwt and continues to lead the market, both in terms of orders and transactions in the secondary market.
In total, the global tanker fleet (equal to or above 25,000 dwt) numbers around 6,000 ships, representing over 670 million dwt. Although large crude tankers account for the largest share of tonnage, the fleet structure reveals that product carriers remain “the backbone”.
Greek movements
Against the backdrop of the latest movements in the market, Greek shipowners are at the center, seeing opportunities for diversification and growth in the product tanker categories, both MR and LR types. In fact, in 2024, out of the total Greek orders (127 tankers over 10,000 dwt), 26 were MR2 tankers, representing 20% of the total Greek tanker orders, and 16 were LR2, constituting 12.5% of the total Greek orderbook for last year.
In the seven-month period, out of the 909 tankers being built in shipyards, 292, or 24%, have been placed by Greek shipowners, a percentage at the same levels compared to previous months and slightly increased compared to 2024. Based on the individual data, product tankers occupy a high position in the preference of Greeks, with aframax/LR2 tankers constituting 25% (based on dwt) and MR2 tankers 17%. The panamax/LR1 tankers under construction correspond to 13% of the existing fleet.
As far as deals are concerned, the strategic shift of Euroholdings is indicative, two months after the acquisition of the majority share package by Marla Investments. As chairman Aristides Pittas stated, the company decided to focus on the MR product tanker sector, launching gradual purchases of modern ships.
The Vafias Group, owned by shipowner Haris Vafias, confirmed – through Stealth Maritime – its reputation as one of the most active companies in the second-hand market, acquiring the Clean Raider (49,999 dwt, 2010) from United Overseas, for 17 million dollars. The deal followed two other recent purchases, strengthening the company’s MR2 fleet to 17 ships, four of which are under construction in South Korea.
At the same time, the shipping company Oceangold Tankers Inc., owned by Yannis Dragnis, announced, in July, the successful delivery of the new tanker MT Kastos from the Chinese shipyards Shanghai Waigaoqiao Shipbuilding Co. Ltd. It is noted that the company controls 15 Product Tankers LR2, LR1 and MR2.
In contrast, Angeliki Frangou’s Navios Maritime Partners liquidated older tonnage, selling the Nave Equinox (50,900 dwt, 2007) to Indonesian interests for 14 million dollars. The move is part of the fleet renewal policy, as the company has already delivered three LR2 newbuildings in 2025 and expects ten more by 2028.
As analysts pointed out, the picture for the first half shows that product carriers remain at the center of the tanker market, as increased demand for refined products, the ongoing aging of the fleet and geopolitical upheavals create a favorable environment for investments.
Global orderbook
Allied Quantumsea Research estimated that the global tanker orderbook is around 950 vessels (16% of the existing fleet). 247 deliveries are expected in 2025, increasing to 380 in 2026. The concentration of new orders in Aframax/LR2 and MR reflects the shift of shipowners towards sizes that combine flexibility, high employment and an attractive charter market.
In the first half of 2025, the market “grew” by 65 vessels (5.4 million dwt). Of these, Aframax/LR2 recorded the majority deliveries with 24 new vessels, while MR strengthened by 37 units, constituting the main “catalyst” of the increase.
At the same time, as the data shows, the age structure of the fleet remains a major challenge. Over 1,300 tankers (excluding small tankers) are over 20 years old, representing 19% of global tonnage. In terms of product carriers, in MR, 23% of the fleet is over 20 years old, while in Panamax/LR1 the corresponding percentage reaches 26%.
