On October 20, Capital Tankers, owned by Greek shipping magnate Evangelos Marinakis, announced that the company had recently continued to make progress in financing its newbuilding fleet, adding approximately US$930 million in loan financing for 11 new ships.

On September 29, 2026, Capital Tankers signed new financing arrangements for three very large crude carriers (VLCCs), namely the M/T Alterego II, M/T Alexandros II and M/T Apollonas II. All three vessels are 320,000 dwt, feature dual-fuel LNG-ready designs and are equipped with scrubbers. They are expected to be delivered in 2027 and are under construction at South Korea's Hanwha Ocean. The expected financing amounts are US$81.3 million each for the M/T Alterego II and M/T Alexandros II, and US$79.2 million for the M/T Apollonas II.

On October 9, 2026, the company signed new financing arrangements for three VLCCs, namely the M/T Amfitrion II, M/T Alexander the Great II and M/T Anemos II. All three vessels are 307,000 dwt and have dual-fuel LNG capability. They are expected to be delivered in 2027 and are being built by Dalian Shipbuilding Industry Co. (DSIC) under China State Shipbuilding Corporation. The expected financing amounts are US$90.9 million each for the M/T Amfitrion II and M/T Alexander the Great II, and US$89.6 million for the M/T Anemos II.

On October 10, 2026, the company signed new financing arrangements for two VLCCs, namely the M/T Akadimos and M/T Amyntas II. Both vessels are 307,000 dwt and have dual-fuel LNG capability. They are expected to be delivered in 2027 and 2028, respectively, and are also being built by DSIC. Each vessel is expected to receive US$89.6 million in financing.

On October 12, 2026, the company signed new financing arrangements for three additional VLCCs, each with financing of US$79.3 million, namely the M/T Aspidoforos, M/T Armonikos and M/T Aftarkis. All three vessels are 306,000 dwt, are equipped with scrubbers, are expected to be delivered in 2027 and are being built by Hengli Shipbuilding.

According to Capital Tankers' website, the company currently owns 33 latest-generation eco-friendly vessels (15 VLCCs, 10 Suezmaxes and 8 Aframax/LR2 tankers), including 17 vessels in operation and 16 newbuildings scheduled for delivery between 2027 and 2028. It also holds options for 13 additional crude tankers. Of the 33 vessels, 23 are dual-fuel LNG-ready or have dual-fuel LNG capability.

Currently, the VLCC market is booming, with charter rates and vessel asset values both climbing to high levels. However, as newbuildings are delivered in clusters starting in late 2027, the market may face oversupply pressure. If normal navigation through the Strait of Hormuz resumes, where will the tanker market head?

Signal Ocean shipping analyst Nikolas Zannikos believes that from a long-term structural perspective, regardless of when the conflict ends, the market's dependence on the Strait of Hormuz is likely to decline.

"I think Gulf states, especially oil-importing countries, have learned lessons from this crisis. Therefore, the market may eventually stabilize at a structurally higher level," he said.

However, Zannikos also expects that once the Strait of Hormuz reopens, the tanker market may cool relatively quickly as the current shipping disruption factors fade and previously blocked capacity re-enters the market.

Ralph Leszczynski, head of research at Banchero Costa, believes that the timing of a market reversal remains difficult to predict because it depends directly on developments in the Middle East war.

"I personally doubt that a solution can be found in the short term. I believe that entering next year, severe transportation disruptions will persist and will support tanker rates at high levels for a considerable period," Leszczynski said.

However, beyond the short-term impact of the geopolitical situation, the large volume of newbuilding orders accumulated over the past few years is becoming a major risk for the tanker market.

Speaking about why shipowners have been ordering new ships on a large scale, Zannikos said shipowners have reinvested almost all their earnings into high-spec newbuildings, partly because they learned lessons from 2008, when tanker rates rose exceptionally high and the market then fell into a downturn.

"They expect the market will eventually adjust again, and in such a situation, the most operationally efficient vessels will give shipowners the greatest advantage," he explained.

Angelica Kemene, head of market analysis and decarbonization strategy at Optima Shipping Services, noted that using the existing VLCC fleet aged 15 years and older—a segment likely to become the main target for future scrapping—as a reference, the current VLCC orderbook is equivalent to 73% of that age cohort fleet.

Meanwhile, tanker scrapping activity remains low, with scrapping volumes 47% below the 10-year average; more than 60% of the vessels scrapped were sanctioned vessels.

"At current valuations, shipowners have little incentive to send vessels that still have operating value for scrapping. Therefore, the demolition market may only truly begin to play its role in adjusting fleet supply after freight rates fall," Kemene said.

The gap between fleet growth and demand trends may also further increase market pressure. The VLCC fleet is expected to grow 3.6% this year and 6.6% in 2027; by contrast, ton-mile demand in 2027 is expected to remain slightly below the 2025 level.

"Capacity scarcity caused by shipping disruptions cannot indefinitely support an ever-expanding fleet. As new ships continue to be delivered, the supporting effect of this scarcity on the market will gradually weaken," Kemene noted.

Leszczynski said most newbuilt VLCCs are expected to be delivered starting in late 2027, by which time the market hopes the Strait of Hormuz crisis will have been resolved to some extent.

"Therefore, from late 2027 to 2028, the tanker market may face dual pressure: on the one hand, the concentrated delivery of a large number of newbuildings; on the other hand, the fleet utilization inefficiency that currently pushes up spot market rates may ease or even disappear," he added.