HD Hyundai secures US$174M Suezmax order, Evalend tipped as buyer

The shipbuilding conglomerate announced on 4 September an order for two 157,000-dwt Suezmaxes, valued at about US$174M in total, or roughly US$87M per vessel. The pair is slated for delivery by December 2027.

According to South Korean media, the latest contract brings HD Hyundai’s 2025 order tally to 84 vessels, representing a combined value of US$11.5Bn. This accounts for 63% of the company’s annual target of US$18.1Bn.

Evalend in the frame

While HD Hyundai described the buyer as an Africa-based shipping company, brokers have linked the deal to Evalend Shipping, led by Greek owner Kriton Lendoudis. Sources suggest the newbuilds are options attached to an earlier order.

Evalend originally contracted two Suezmaxes with HD Hyundai in May, later exercising options for two more in June. All six vessels are set to be constructed at Hyundai Samho Heavy Industries.

It is common for Greek owners to appear in South Korean order disclosures under Africa-based or Marshall Islands-based entities. In both of Evalend’s recent contracts, the buyer was also listed as Africa-based.

Excluding the latest deal, Evalend has already contracted eight newbuildings with HD Hyundai in 2025: four Suezmax tankers and four LNG bunkering vessels.

Hot Suezmax newbuilding market

Greek owners have remained highly active in the Suezmax segment in recent years. According to Xclusiv Shipbrokers’ latest monthly report, as of late August, Suezmaxes accounted for 29% of the Greek tanker orderbook, ranking as the top segment.

Meanwhile, BRS Shipbrokers reported that following two strong years – with 49 Suezmax orders in 2023 and 57 in 2024 – the segment had already logged 40 new orders by July 2025. This makes Suezmaxes the most popular tanker type this year and the only one to exceed its five-year average for the January–July period.

Analysts note fleet renewal is driving much of this year’s limited newbuilding activity. The Suezmax sector is particularly exposed, with an ageing fleet averaging 13 years and about 20% of vessels trading in the so-called grey fleet.