Marinakis’ Capital caps off 2025 with US$1.1Bn orders for tankers, bulkers, gas carriers

In its latest move, Guangdong Songfa Ceramics disclosed on the Shanghai Stock Exchange on 31 December that its subsidiary, Hengli Heavy Industry, has secured six shipbuilding contracts, with the Greek shipowner named as the counterparty.

The contracts cover two VLCCs and four Capesize bulk carriers, with deliveries scheduled between the second half of 2027 and 2028. According to the disclosure, the orders were placed by single-purpose vessel companies under Capital Ship Management.

The aggregate value of the contracts is estimated at between US$400M and US$600M.

Chinese media reports indicate that, with this latest agreement, Capital Group and Hengli Heavy Industry are now co-operating on nine vessels, including an additional VLCC and two LR2 product tankers.

Expanding LNG operations

Separately, the group’s US-listed gas shipping arm, Capital Clean Energy Carriers (CCEC), announced on 29 December that it has placed an order for three LNG carriers at HD Hyundai Samho Co, with deliveries expected between 2028 and 2029.

Capital has notably placed several newbuilding orders with HD Hyundai this year, particularly for container vessels.

The en bloc contract price for the three LNG carriers stands at US$770M. CCEC said the vessels will incorporate several specification upgrades and are expected to rank among the most efficient LNG carriers in the global fleet in terms of fuel consumption and boil-off rates.

“This is an opportunistic transaction for CCEC, which closely aligns with our executed strategy and forward objectives,” said CCEC chief executive Jerry Kalogiratos.

“I believe we have secured attractive pricing and payment terms for state-of-the-art, high-specification vessels, with deliveries expected to coincide with increased demand for LNG shipping from a number of LNG projects that are expected to come online in this timeline,” he added.

Mr Kalogiratos noted the transaction enables CCEC to selectively contract LNG carriers with the most attractive specifications for charterers, timed for delivery into what is expected to be the most undersupplied part of the forward curve.

With this latest order, CCEC reaffirms its position as the largest US-listed LNG shipping company, with 12 vessels currently in operation and nine additional LNG carriers on order.

In addition, the company has orders in place for a further 10 gas carriers, comprising four handy LCO2/multi-gas carriers and six dual-fuel medium gas carriers.