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Supramax, and Panamax deliveries are skewed to the near term, while most Capesize deliveries are due in 2027 and 2028. With demand projected to grow at approximately 2.7% per year over 2026%u20132029, the faster pace of supply growth is likely to place progressive downward pressure on freight rates toward the back end of the outlook period. In the short term, however, the market outlook remains positive, supported by the Middle East crisis, Red Sea diversions, and longer-haul routing.ContainersContainer earnings were broadly stable in the first quarter of 2026, averaging a 0.5% increase across all vessel sizes compared with the final quarter of 2025. With no near-term return to Red Sea transits expected, vessels continue to divert via the Cape of Good Hope, sustaining elevated TEU-mile demand. TEU-mile demand growth is projected at 1.4% in 2026, before recovering to an average of approximately 4% annually between 2027 and 2029. However, vessel supply growth is expected to outpace demand throughout the forecast period, with average freight rates forecast to decline by c.25.2% across all vessel sizes. In 2026, tight vessel availability and continued Red Sea diversion are expected to keep rates broadly stable before downward pressure intensifies as supply growth increases. Global order book hits 17-year high amid record crude tanker contractingBy the end of the first quarter of 2026, the global shipping order book hit a 17-year high, reaching 191 million Compensated Gross Tonnes (CGT). This is equivalent to 17% of the global fleet, the highest ratio since 2011. The order book has been boosted by higher newbuilding contracting throughout the 2020s and most recently by the highest quarterly crude tanker contracting in history, according to BIMCO.During the first quarter of 2026, newbuilding contracting rose by 40% y/y to 17.6 million Compensated Gross Tonnes (CGT), driven by a tripling of new tanker orders and a rebound in LNG tanker contracting. Overall, tankers have accounted for 32% of total contracting, the highest share since the second quarter of 2017. Despite this significant yearly increase, newbuilding contracting has decreased by 17% q/q, amid an easing in dry bulk orders. Bulker contracting spiked during the last quarter of 2025, largely due to increased orders for Capesize vessels.%u201cSo far during the 2020s, newbuilding contracting has been 47% higher than the average during the 2010s, driven by stronger market conditions in the larger sectors, an overall larger fleet and an increased need for fleet renewal. This has contributed to an increase in newbuilding prices and longer lead times at shipyards, with 57% of contracting so far this year expected to be delivered after 2028%u201d, says Filipe Gouveia, BIMCO%u2019s Shipping Analysis Manager.Some shipping sectors now have relatively large order books. The orderbookto-fleet ratio has risen to 22% for crude tankers, 19% for product tankers, 37% for containers, and 40% for LNGs. For crude and product tankers, these newbuildings are expected to support fleet renewal, as 21% and 17% of the respective fleets are now over 20 years old %u2014 the age at which recycling is typically considered. By contrast, only 4% of the container fleet and 8% of the LNG fleet are over 25 years old, although these segments are expected to see higher demand growth.Chinese shipyards remained the dominant choice for shipowners, accounting for 70% of contracting in the first quarter of 2026. Korean yards captured a furthe seafrontThis month%u2019s top news from naftikachronika.grEdited by: Giannis TheodoropoulosMay 2026 105