Greek owner New Shipping tied to fresh Suezmax order in China

According to European shipbrokers, the prominent Greek shipowner has reached an agreement with CSSC Qingdao Beihai Shipbuilding on the construction of two firm 163,000-dwt vessels, with options for two more. Deliveries are scheduled for 2028. The company has been approached for comment.

Shipbroking sources indicate the price per vessel is around US$77M, slightly below prevailing market valuations. By comparison, the most recent order in China for conventionally fuelled Suezmaxes – placed by George Prokopiou-led Dynacom Tankers – was priced at approximately US$79M per ship in a six-vessel deal with New Times Shipbuilding.

Additionally, Riviera recently reported Eastern Pacific Shipping has placed an order for up to four LNG dual-fuel Suezmaxes at Hengli Heavy Industry, underlining growing momentum in the tanker newbuilding sector.

Despite the typical slowdown during the summer months, when owners are usually less active, shipbrokers say the newbuilding market remains lively, with various projects underway – particularly in the container vessel and tanker segments.

Active year in S&P

According to Equasis, New Shipping currently operates a fleet of 26 vessels, comprising a mix of tankers and bulk carriers. The company has also been linked to the recent acquisition of newbuild LR2 tanker Hesperia Tide, constructed by China’s Zhoushan Changhong and reportedly sold for about US$70M.

These acquisitions appear to follow a string of disposals involving older assets. Shipbrokers report 2003-built VLCC New Tinos has been sold for around US$37M, while New Naxos, also built in 2003, was sold earlier this year for approximately US$33M. The latter vessel has since been renamed Lorian.