Economou’s TMS said to mull order for up to four VLCCs in China

Market and shipbroking sources have linked the prominent Greek owner to advanced negotiations for up to four VLCCs at Hengli Shipbuilding.

George Economou, who oversees one of Greece’s most extensive shipbuilding programmes – spanning tankers, bulk carriers, container vessels and gas carriers – has not placed any new tanker orders so far this year.

Earlier in 2024, TMS Cardiff Gas was linked to a US$1Bn deal for four LNG carriers at Samsung Heavy Industries in South Korea. The TMS Group also ordered 10 LNG dual-fuel 11,400-TEU container vessels at Zhoushan Changhong in China, a project valued at around US$1.4Bn.

Crude tanker orders gain momentum

Shipbrokers noted the crude tanker newbuilding market continues to attract strong interest, particularly for the remaining 2027 delivery slots.

In addition to the reported TMS discussions, Hengli Shipbuilding has recently secured firm VLCC contracts from George Prokopiou’s Dynacom and John Fredriksen’s Frontline, among others.

Meanwhile, Evangelos Marinakis-led Capital Group and Nikos P Tsakos-led Tsakos Energy Navigation have also placed fresh VLCC orders at South Korean yards this year.

According to BRS Shipbrokers’ latest monthly report, 33 VLCCs have been ordered globally through the end of September, bringing the orderbook to 130 vessels, equivalent to 12.5% of the active fleet in dwt terms.

Data from Xclusiv Shipbrokers shows that 35.1% of the existing VLCC fleet is 16 years or older, underscoring the ongoing replacement potential in the sector.