Cape Shipping expands tanker portfolio with MR acquisitions from Evalend

Shipping data platforms list the Greek company as the owner of 50,500-dwt MR tankers Cape Avanti (built in 2025) and Cape Andiamo (built in 2024). The vessels were initially ordered by Evalend Shipping, led by Kriton Lendoudis, at Yangzijiang Shipbuilding in China. However, they have recently changed ownership in what appears to be a resale deal.

The technical management of the tankers has been assigned to another Greek shipping company, Prime Marine.

Although the financial details of the transaction have not been disclosed, Xclusiv Shipbrokers estimates the resale value of an MR2 tanker at approximately US$50M. Evalend Shipping is well known for placing orders and later reselling contracts, often at attractive prices. Riviera has previously reported similar LPG resale deals involving George Economou-led TMS Cardiff Gas.

Fleet and orderbook

According to Equasis, Cape Shipping currently operates a fleet of 17 ships, consisting of seven bulk carriers and 10 container vessels. The Greek owner has previously operated VLCCs, according to information on its website.

In late 2023, shipbrokers linked the company to a return to the tanker newbuilding market with an order for Aframax/LR2 vessels in China. Since then, Cape Shipping has reportedly signed additional contracts with Chinese yards for LR1 and Suezmax tankers. Earlier this year, CSSC (Tianjin) Shipbuilding announced the commencement of construction on a 115,000-dwt product tanker for Cape Shipping.

In a separate development, the company recently sold a 2015-built container vessel to French liner giant CMA CGM for an attractive price.

Founded in 1987 in Athens, Cape Shipping has historically focused on the dry cargo market. Over time, it expanded its operations to include the container vessel sector. Now, the company is making a significant move into the tanker industry, signalling a strategic diversification of its fleet.