Greece's Cape Shipping kicks off 2026 with VLCC order in China

Riviera first reported in mid-December that the prominent Greek shipowner had initiated discussions with CSSC Qingdao Beihai for the construction of a vessel scheduled for delivery in Q4 2028.

The two sides signed the contract via videoconference on 5 January, covering one firm 319,000-dwt VLCC, with an option for an additional vessel.

The shipyard said the vessels will be equipped with energy-saving devices to enhance operational efficiency and will feature an ammonia-ready design. The newbuildings will comply with the latest IMO regulations.

Cape Shipping recently confirmed its return to the tanker market, unveiling a 10-vessel fleet made up almost entirely of newbuildings. The fleet comprises two MR tankers, four Aframaxes, two Suezmaxes and two LR1s, all built or scheduled for delivery between 2024 and 2027.

The company’s first landmark order marking this new growth phase was placed in 2023.

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

Resilient large crude tanker orders

Despite an overall decline in global shipbuilding activity, larger crude tanker segments showed resilience in new ordering.

According to Allied Shipbroking, VLCC orders fell by 17% in vessel numbers and 16% in dwt in 2025, while Suezmax orders rose by 44% and 43%, respectively.

Combined, VLCC and Suezmax orders reached 129 vessels totalling 29M dwt in 2025, accounting for nearly 80% of tanker tonnage ordered. This underscores a strong concentration of investment at the large-vessel end of the tanker market, analysts said.