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Xclusiv Shipbrokers Inc.: Greek newbuilding activity reached an exceptional threshold in the first quarter of 2026

Greek newbuilding activity reached an exceptional threshold in the first quarter of 2026, with orders placed across all four sectors totalling 102 vessels at a combined value of approximately $10.1 billion — a 3.6-fold increase in volume versus the 28 vessels ordered in Q1 2025, and the most capital-intensive quarter on record in this dataset. The tanker sector was the unambiguous driver, but the breadth of the commitment — spanning large crude, LNG, dry bulk, and smaller containers — reflects a strategic repositioning by Greek principals at a pace and scale not seen in recent cycles.

The tanker sector accounts for both the volume and the financial weight of the quarter. Greek owners placed 63 tanker orders worth approximately $6.0 billion — more than double the previous peak of 48 vessels recorded in Q2 2024. The concentration at the large end of the size spectrum is striking: 24 VLCC/ULCC and 23 Suezmax orders together represent 75% of all Greek tanker orders and a combined value exceeding $5.1 billion. In Q1 2025, Greek owners placed just 2 VLCC and 9 Suezmax orders in total. This acceleration reflects the structural reassessment now underway in long-haul crude: route elongation, sanctions-driven fleet fragmentation, and a persistent geopolitical premium have pushed owners to secure yard capacity while slots remain accessible. The total Greek tanker orderbook has surged to 381 vessels at end-Q1 2026, up from 310 in Q4 2025 and 286 a year earlier — a trajectory that underscores how rapidly the ownership base is reconfiguring around large crude.

The dry bulk segment tells a complementary story of deliberate scale migration. Sixteen orders placed in Q1 2026 at approximately $1.05 billion may appear measured in volume, but the composition is purposeful. Six Capesize and six Newcastlemax orders account for 75% of the quarter's bulk units, while Handysize activity registers zero for the third consecutive quarter. Greek owners are clearly gravitating toward the higher-earning end of the size spectrum, consistent with the earnings premium that Capesize and Newcastlemax vessels have commanded through recent freight cycles. The total Greek dry bulk orderbook has recovered to 185 vessels, up from a trough of 150 in Q3 2025.

Gas continues its structural expansion within the Greek orderbook. Eleven orders placed in Q1 2026 — nine in the large LNG 141k-200k CBM range and two smaller units — carried a combined value of approximately $2.4 billion, the most capital-intensive gas quarter in this dataset by a wide margin. The total Greek gas orderbook now stands at 104 vessels, reflecting a decisive pivot toward large-scale LNG exposure that would have seemed unlikely two years ago.

Container ordering remained measured and deliberately narrow. Twelve orders, entirely in Feeder and Handy sizes at a combined value of approximately $578 million, lifted the Greek container orderbook to 168 vessels — its highest level in this series — yet the complete absence of Neo-Panamax and VLCV activity signals a clear preference for liquidity and optionality over large-scale segment concentration.

Taken together, Q1 2026 marks a decisive inflection point: the capital deployed by Greek owners is unprecedented in scale, overwhelmingly directed at large vessels, and concentrated in sectors where freight economics and geopolitical tailwinds appear most structurally durable.

Dry S&P Activity:

On the Capesize sector, the "BULK JOYANCE" - 175K/2012 Jinhai Heavy was sold for USD 33 mills.

Moving down to the Post-Panamax segment, the "LESTARI MANJUNG" - 93K/2011 Jiangsu New Yangzi changed hands for USD 14 mills, while the Kamsarmax "SIROCCO" - 82K/2014 Sainty was sold for region/xs USD 20 mills. In the same size range, Greek buyers acquired the "ELWAY" - 82K/2012 Jiangsu Eastern for USD 16.2 mills. The Panamax "PRABHU YUVIKA" - 76K/2004 Sumitomo found new owners for USD 10 mills.

On the Supramax/Ultramax sector, the "V BRAVO" - 57K/2012 Zhejiang Zhenghe was sold for excess USD 14 mills, while the "VALIANT WAVE" - 53K/2005 Imabari was sold for USD 10.3 mills. Finally, on the Handysize sector, the modern "AMATERAS HARMONY" - 37K/2021 Saiki achieved region/xs USD 30 mills, while the "BRAVE STAR" - 38K/2019 Kanda Zosensho was sold for USD 28.5 mills basis 3-year BBHP.

Tanker S&P Activity:

This week saw firm activity across the VLCC and Suezmax sectors. In the VLCC space, the "C. INNOVATOR" - 314K/2012 Dalian and "C. PROGRESS" - 314K/2012 HHI were sold for USD 60.3 mills each. On the Suezmax sector, the "STELLA" - 165K/2011 Hyundai Samho achieved USD 67 mills, while the "AEGEAN HORIZON" - 159K/2007 HHI was sold for USD 52 mills basis prompt delivery East.

Moving down to the Aframax/LR2 segment, the modern Scrubber fitted "SOUTHERN REVERENCE" - 109K/2018 Tsuneishi was sold for USD 75 mills.

In the Panamax/LR1 segment, the coated and coiled units "SOCRATES" - 74K/2008 Sungdong and "SELECAO" - 74K/2008 Sungdong were sold at low USD 20 mills each. The iced class MR2 "CERS" - 51K/2006 Shina changed hands for mid/high USD 14 mills basis prompt delivery in the Med with SS/DD due.

Finally, on the small tanker sector, the "VS REMLIN" - 35K/2003 Dalian was sold for USD 6 mills.

Xclusiv Shipbrokers Inc.