Greek shipowners proceed with deals for the construction of newly built tankers, continuing the investment rally that started last year, with focus mainly on medium-sized tankers.
Chinese shipyard Zhoushan Changhong announced last week that Navios Maritime Partners has added two more aframax/LR2 tankers to the ships it builds.
The Chinese shipyard did not disclose the cost of construction, but pointed out that the vessels will be equipped with scrubbers, while they will be able, after modifications, to burn either methanol or LNG (methanol/LNG ready). At the same time, they will have the possibility of connecting to power supply facilities from land.
The two tankers are expected to be delivered in the second half of 2027.
The original order, which was awarded to Zhoushan Changhong last year, was about four LR2 tankers, each costing 64.55 million US dollars. The latter two increase the orderbook at the shipyard to six vessels.
Navios Maritime Partners is “running” a 1.6 billion US dollar shipbuilding program for 26 ships, 16 tankers and 10 containerships.
Chandris Group
Shipping brokers have told “Naftemporiki” that the Chandris Group has agreed with the Chinese shipyard Guangzhou Shipyard, a subsidiary of the large state shipbuilding group CSSC (China State Shipbuilding Corp), for the construction of two aframax/LR2 tankers to be delivered in the second half of 2027.
Shipping sources pointed out that the two ships will be equipped with dual-fuel LNG engines. The same sources added that this is a deal signed in mid-2023. The cost remains unknown.
In any case, the option for dual-fuel LNG engines increases the price of building an LR2 tanker by 14 million US dollars.
Chandris Group delivered the last new tanker from the shipyards in 2022, an aframax, which now sails the seas under the name “Althea”. During 2023 it focused on building bulk carriers.
Evalend Shipping
Evalend Shipping, owned by Kriton Lentoudis, “runs” one of the largest shipbuilding projects today in the Greek and international shipping industry.
Apart from LPG carriers, bulkers, LNG carriers and recently ammonia carriers, the shipping company is also investing massively in tankers.
Meanwhile, British shipping brokers pointed out in a report last week that Evalend has exercised an option to build two additional LR1 tankers in a contract it has signed with the Chinese shipyard Yangzijiang Shipbuilding.
International data platforms report that the company now has a total of eight LR1 tankers under construction in the yard. Each of these vessels reportedly cost about 50 million US dollars. The last two are expected to be delivered in the last quarter of 2026.
It is noted that tanker construction more than tripled in 2023. According to the annual report of the shipping brokerage house BRS Shipbrokers, which was published in the last few days, vessels with a capacity of 10.7 million dwt were ordered in 2022 while last year they exceeded 36.4 million dwt.
The orderbook ratio of tankers under construction to the active fleet jumped last year to 7.4% from 4.5% in 2022, according to BRS.
And the rally continues this year. Greek shipping reports indicate that 106 tankers with a capacity of over 10.5 million dwt have been placed on order so far, very close to 2022 levels.
Approximately 30% of the tankers under construction concern contracts with Greek shipping companies.
