Evalend said to join Greek shift toward Korean tanker newbuildings

Leading the surge in Greek investment are Evangelos Marinakis’ Capital Group, Anna Angelicoussis’ Pantheon Tankers, and Nikos P Tsakos’ Tsakos Energy Navigation, all placing significant orders at prominent South Korean yards in recent weeks.

In the latest development, shipbroking sources have linked Kriton Lendoudis-led Evalend Shipping to negotiations with HD Hyundai for the construction of Suezmax tankers, with pricing reportedly around US$86M per vessel. These discussions are said to involve early delivery slots in 2027. Sources told Riviera the owner is close to signing a letter of intent with the shipyard.

If finalised, this would mark Evalend’s second major order in 2025, following its February deal with HD Hyundai Mipo for four 18,000-m³ LNG bunker vessels.

Kriton Lendoudis has been among the most active Greek shipowners in recent years, maintaining an extensive newbuilding portfolio primarily focused on tankers, gas carriers, and bulk carriers.

Riviera has also reported several resale deals completed by Evalend Shipping across various segments – from MR tankers to LPG carriers – often at attractive premiums.

Shipbuilding amid trade tensions

Shipbroking and market sources note tanker newbuilding activity is now heavily concentrated in South Korea, as shipowners remain cautious about ordering vessels from China amid the US’s new port fee initiatives. Although the recently announced US plan has been softened compared with initial proposals, the ongoing trade tensions between the US and China continue to fuel uncertainty in the shipping community.

Some shipbrokers highlight Chinese shipbuilders are likely to respond to the situation by offering even more competitive pricing than their South Korean rivals.

According to BRS Shipbrokers’ annual review, the price gap for conventionally fuelled Suezmax newbuildings between top-tier Chinese yards and South Korean or Japanese builders was approximately US$5M at the end of 2024 – down from an US$8M gap reported at the end of 2023. In other tanker segments, the price difference currently stands around US$4M.