Fredriksen’s Seatankers boosts Newcastlemax orderbook with additional pair

According to shipping data platforms, the company has six 210,000-dwt Newcastlemax newbuildings on order at China’s Qingdao Yangfan Shipyard, with deliveries scheduled through 2028. Shipbroking sources indicate Seatankers initially placed a firm order for four vessels at the beginning of Q2 2024 and later exercised options for two additional units. The same sources estimate the newbuilding cost per vessel at around US$68M.

A BRS Shipbrokers report published in December 2024 ranked China as the leading shipowning country for new Capesize orders last year, followed by Singapore and Cyprus in second and third place, respectively. The report highlighted that 77% of large-sized fleet orders were placed with Chinese shipyards, with 60% directed to private shipyards.

Diverse investments

Seatankers was actively involved in major newbuilding deals throughout 2024, particularly in the VLCC sector, complementing its previous orders for Suezmax tankers and Kamsarmax bulk carriers.

Additionally, Riviera reported earlier this year that the company has been linked to a deal for two plus two state-of-the-art offshore construction vessels (OCVs) at Singapore-based shipbuilder PaxOcean Group, with deliveries set for 2027. This follows a similar move in 2024, when Seatankers was associated with an order for four OCVs at China’s Wuchang Shipbuilding Industry Group.

Newcastlemax/Capesize fleet dynamics

As of January 2025, the Newcastlemax orderbook-to-fleet ratio stood at 19.8% in terms of dwt, according to Xclusiv Shipbroker’s latest monthly review. 96 vessels are currently under construction, with 27 set for delivery this year, 25 in 2026, and 44 from 2027 onward.

For the existing Newcastlemax fleet, Xclusiv Shipbrokers counts 488 ships, with approximately 11.5% of the active vessels aged 16 years or older.

In comparison, the Capesize segment shows a much lower orderbook-to-fleet ratio of just 3.0% (in dwt terms). Currently, 33 vessels are under construction, with most expected to enter service in 2026. Notably, 28.3% of the Capesize fleet on the water is already over 16 years old.