Evalend said to have doubled Suezmax orders at HD Hyundai

On 23 June, HD Hyundai announced a shipbuilding contract for two Suezmax tankers valued at approximately US$177M, though the buyer was not disclosed. However, shipbroking and market sources have linked the deal to Evalend, noting these vessels are options tied to the company’s previous order in early May for two Suezmaxes.

According to official filings, the initial pair of tankers is scheduled for delivery in Q1 2027, while the newly ordered pair is set to be delivered by the end of the second quarter of the same year.

With this latest order, Evalend has reportedly signed contracts for eight newbuilds with HD Hyundai in 2025, comprising four Suezmax tankers and four LNG bunker vessels.

Diverging strategies among Greeks

Shipbrokers told Riviera Greek shipowners are accelerating their ordering activity ahead of the traditional summer lull. The recent surge in orders has been tanker-focused, with buyers split between South Korean and Chinese yards.

While Evalend has opted for Korean shipbuilders, George Prokopiou-led Dynacom Tankers continues to place orders with select Chinese yards. New Times Shipbuilding reportedly secured an order last week for six Suezmax tankers.

In addition to Evalend and Dynacom, Angeliki Frangou-led Navios Maritime Partners and Polembros Shipping have recently been linked to LR2 tanker orders at China’s Zhoushan Changhong yard.

Newbuilding market trends

According to data from Xclusiv Shipbrokers, as of the end of May, Greek shipowners had 295 tankers under construction, accounting for 24% of the global tanker orderbook.

Suezmax and Aframax/LR2 tankers continue to compete for the top spot in Greek owners’ preferences, with each segment representing 29% and 26% of current orders, respectively.

Globally, in the first five months of the year, owners signed newbuilding contracts for 87 tankers. The global orderbook-to-fleet ratio stood at 15%, measured in dwt.