Greece's Cape Shipping takes delivery of first tanker newbuilding, sells container vessels

Amid this strategic shift, the company has also sold three of its oldest container vessels.

Shanghai Waigaoqiao Shipbuilding (SWS), a subsidiary of CSSC, handed over 114,000-dwt Aframax/LR2 tanker Cape Tainaron to the Greek owner on 3 September. This conventionally fuelled vessel is the first built and delivered by SWS for Cape Shipping.

SWS is expected to deliver another vessel of the same specifications to the Greek owner, reportedly named Cape Antibes. In late 2023, shipbrokers linked Cape Shipping to a return to the tanker newbuilding market with contracts for Aframax/LR2 vessels in China.

Since then, the company has reportedly placed additional orders for LR1, Aframax and Suezmax tankers across Chinese shipyards, with deliveries scheduled through 2027.

Although Cape Tainaron is the first newbuilding delivered directly for the company, it will not be the first tanker in its fleet. Earlier this year, Riviera reported that Cape Shipping had acquired two MR2 tankers, built in 2024 and 2025, which were initially ordered by fellow Greek owner Evalend Shipping.

Container vessel selling spree

Founded in 1987 in Athens, Cape Shipping historically focused on the dry cargo market before expanding into container vessels. According to Equasis, the company currently operates 15 ships: seven bulk carriers and eight container ships.

In a notable shift, Cape Shipping has recently sold several container vessels, with CMA CGM emerging as the main buyer. The French liner giant acquired 2015-built Cape Monterey, 2016-built Cape Araxos, and 2017-built Cape Quest, now renamed CNC Padma, CMA CGM Fuji and CMA CGM Quest, respectively.

Cape Shipping also has four vessels built between 2015 and 2017, while the remainder of the fleet was constructed after 2020.