Strong earnings for LR2 product carriers are likely to continue into 2026 despite the versatile ships accounting for the highest newbuilding orders within the tanker sector, according to Norwegian shipbroker Steem1960.

Owners have placed 64 LR2 newbuilding orders so far this year, more than 2021 and 2022 combined, driving likely fleet growth of 10% in 2025. That will be the first year since 2020 when the fleet increases more quickly than tonne-miles.