Shipowners are fighting for the last available slots in the shipyards of China and South Korea, as the requests and orders keep increasing.
The competition focuses on large tankers, such as VLCC and Suezmax. Recent deals show that several major Chinese yards are now offering deliveries in the third quarter of 2027, while in Korea some slots may still be available for the second half of 2026, but at a significantly higher cost.
At the same time, shipping companies that had signed contracts for new ships in 2022 and 2023 with special options to build additional ships are now exercising them amid intense competition.
This is because the placing of the orders two years ago or even a year ago has ensured them satisfactory delivery times in 2025, or early 2026.
Seatankers in China
Shipping sources told “Naftemporiki” that Norwegian tycoon John Fredriksen’s Seatankers has signed a letter of intent (LOI) with Chinese shipyard New Times Shipbuilding (NTS) for two suezmaxes, each with a capacity of 155,000 dwt.
Based on the same sources, the company will pay about 78.5 million US dollars for each ship, with delivery of the two ships scheduled in the third quarter of 2027.
When one of the largest Chinese shipyards is already offering delivery times near the end of 2027, it is understandable that positions are disappearing with great frequency.
Hayfin in Korea
The differences with the contract of the British investment platform Hayfin Capital Management in South Korea are significant.
In particular, last week HD Korea Shipbuilding & Offshore Engineering Group announced a contract for two suezmaxes, with a total cost of 173 million US dollars, that is, each vessel will cost 86.5 million dollars, without disclosing the identity of the buyer.
According to “Naftemporiki” sources, the British investment platform Hayfin Capital Management is behind the said order.
Hayfin had agreed with the shipyard in question last November for two suezmaxes, which will be able to burn methanol, after conversions to the engine (methanol-ready). If this is also true in this case, then it also explains the significantly higher cost compared to the Seatankers’ ships (+8 million dollars), besides of course the price differences between China and South Korea.
Also, another important difference concerns the delivery time. The two vessels will be ready in the third quarter of 2026, a year earlier than Seatankers’ suezmaxes at NTS.
Oceangold Tankers
Options to build more aframax/LR2 tankers were also exercised by Oceangold Tankers, the tanker arm of the Dragni family group. The original contract at China’s Shanghai Waigaoqiao Shipbuilding (SWS) included two ships. The shipyard is now reported to have five LR2s under construction at the yard in question.
As Oceangold recently announced in the ESG report it published, the newly built tankers will be designed to burn methanol.
According to shipbuilding platforms, the first three ships in the orderbook will be delivered by December 2025.
