Crude Oil Tanker Fleet Growth Flatlines as Deliveries Hit Lowest Level Since 1988

New crude oil tanker deliveries hit a 36-year low in 2024, with only 17 new vessels joining the global fleet, representing a capacity of 2.5 million deadweight tonnes (DWT), according to BIMCO.

This marks a dramatic 74% drop in delivery capacity compared to the previous year.

The impact of this slowdown is particularly evident in fleet growth, which crawled to just 0.2% in 2024, marking the slowest expansion in 23 years. While the Aframax and Suezmax segments showed modest growth of 0.5% and 1.1% respectively, the VLCC segment actually contracted by 0.2% due to ves…