Evalend finalises deal for two Suezmax tankers at HD Hyundai

Riviera first reported in late April that the Greek owner had entered advanced discussions with South Korean shipbuilding giant HD Hyundai for the construction of a Suezmax pair, with deliveries slated for 2027.

On 7 May, HD Hyundai confirmed it had secured a contract for the construction of two 157,000-dwt tankers, valued at approximately US$180M. Deliveries are scheduled through the first half of 2027. While the shipyard did not name the buyer, shipbroking and market sources have identified Evalend Shipping as the client. The vessels will be built by HD Hyundai Samho.

With this latest order, HD KSOE has now secured contracts for 53 vessels in 2025, with a combined value of US$6.5Bn, achieving 36% of its annual order target, putting the shipbuilder roughly on pace to achieve its goal.

Mr Lendoudis has emerged as one of the most active Greek shipowners in recent years, with an extensive newbuilding pipeline primarily focused on tankers, gas carriers, and bulk carriers. This Suezmax order marks Evalend’s second major deal in 2025, following a February agreement with HD Hyundai Mipo for four 18,000-m³ LNG bunker vessels.

Greek owners favour Korean yards

The new deal also highlights a broader trend of Greek shipowners pivoting toward South Korean shipbuilders, driven by shifting geopolitical dynamics, most notably the recent US port fee initiative.

Leading this movement are major names including Evangelos Marinakis’ Capital Group, Anna Angelicoussis’ Pantheon Tankers, and Nikos P Tsakos’ Tsakos Energy Navigation, all of whom have placed substantial orders with top-tier South Korean yards in recent weeks.

Riviera recently reported South Korean shipyards have become the preferred destination for Greek newbuilding activity in the first four months of 2025, securing contracts for 21 vessels, accounting for nearly 62% of total orders. Tankers have been the primary driver of this activity, with Greek owners ordering 17 units.

In contrast, they have scaled back orders at Chinese shipyards, signing contracts for just 12 vessels so far this year, down from 59 in 2024.

According to Xclusiv Shipbrokers’ latest monthly report, Greek shipping companies have 292 tankers currently under construction worldwide, representing 25% of the global tanker orderbook. Within the Greek portfolio, Suezmax and Aframax/LR2 tankers are tied as the top vessel types, each comprising 28% of total orders.