Capital mulls fresh VLCC order, in advanced talks with South Korean shipyard

According to shipbroking and market sources, the prominent Greek shipowner has signed a letter of intent with South Korean shipbuilder Hanwha Ocean for the construction of two VLCCs. Xclusiv Shipbrokers estimates the price per vessel at approximately US$125M, with deliveries scheduled for 2027.

If finalised, this order would mark a shift in Capital’s recent tanker newbuilding strategy. In the past few years, the Greek shipping company has signed VLCC, Suezmax and Aframax tanker newbuilding contracts with Chinese shipyards while favouring South Korea for gas carriers.

Capital has already placed an order for six VLCCs at CSSC subsidiary Dalian Shipbuilding Industry Co, with deliveries extending through 2028, along with six Suezmax tankers at New Times Shipbuilding, slated for delivery through 2027. The company has opted for LNG dual-fuel propulsion for these vessels. Additionally, Capital has expanded into the Aframax/LR2 tanker market with four newbuildings at New Times Shipbuilding.

Currently, Capital operates a fleet of 32 tankers, with a total capacity of 6M dwt, including vessels under construction. This fleet consists of 13 VLCCs, six Suezmaxes, six Aframax/LR2 vessels and seven MR/Handy product tankers.

Beyond tankers, Capital is actively engaged in a significant newbuilding programme spanning gas carriers, container ships and offshore vessels.

VLCC orderbook trends

According to Xclusiv Shipbrokers’ latest monthly report, the VLCC orderbook accounted for approximately 10% of the global fleet in deadweight tonnage as of late February. Notably, no fresh VLCC orders had been recorded in 2025 at that time. Deliveries are expected to remain moderate this year but increase significantly between 2026 and 2027.

Xclusiv Shipbrokers’ data also indicates that around 35% of the existing VLCC fleet is 16 years or older, based on vessel count.

Meanwhile, Greek shipowners – who account for approximately 25% of all under-construction tankers worldwide – have remained cautious when placing VLCC orders. This segment represents only 6% of the Greek tanker orderbook, with the majority of deals concentrated in the Aframax/LR2 and Suezmax categories.