Greece’s Cape Shipping eyes VLCC expansion in latest tanker-market push

The owner, traditionally focused on bulk carriers and container vessels, is in discussions with CSSC Qingdao Beihai for the construction of a VLCC, with delivery scheduled for Q4 2028. CSSC shipyards have featured prominently in the company’s tanker expansion strategy.

Greek shipbrokers have also linked Cape Shipping to a single VLCC at Japan Marine United Corp’s Tsu Shipyard, with a similar delivery schedule.

The Greek shipping company recently confirmed its return to the tanker market, unveiling a 10-vessel fleet comprised almost entirely of newbuildings. The fleet includes two MR tankers, four Aframaxes, two Suezmaxes and two LR1s, all built or scheduled for delivery between 2024 and 2027.

The first landmark order marking this new growth chapter was placed in 2023.

Alongside its tanker expansion, Cape Shipping remains active in the bulk carrier and container segments, controlling seven vessels in each market.

VLCC ordering gathers pace

The VLCC segment has seen renewed newbuilding interest since the summer. Maran Tankers, Laskaridis Maritime, Ray Car Carriers, Eastern Pacific Shipping and Zodiac Maritime have all been linked to sizeable VLCC orders in recent weeks across South Korean and Chinese shipyards.

According to a recent Drewry report, “Skyrocketing freight rates have resulted in a sudden surge in VLCC ordering, with 27 VLCCs ordered so far in November.” Drewry counts 58 VLCCs contracted between January and November this year, compared with 68 during the same period in 2024.

Meanwhile, Xclusiv Shipbrokers’ latest monthly report shows that VLCCs accounted for around 10% of the Greek tanker orderbook as of the end of November. Globally, the orderbook-to-fleet ratio stands at 16.7% in dwt terms.