Minerva Marine, AET join Suezmax newbuilding wave with fresh orders in China

On 7 February, Guangdong Songfa Ceramics disclosed that its subsidiary, Hengli Heavy Industries, had secured an order for two 158,000-dwt tankers valued at US$160-200M. The counterparty is a single-purpose vessel company under Minerva Marine, led by Andreas Martinos.

The Greek owner and the Chinese shipbuilder have previously collaborated on a project involving Aframax/LR2 tankers. In addition, Minerva Marine has placed LR2 orders at New Times Shipbuilding and currently operates an active fleet of 50 tankers.

Minerva Dry, the group’s dry bulk and container shipping arm, now lists 20 vessels and maintains an orderbook for feeders and Ultramax bulk carriers in China and Japan. Meanwhile, its LNG subsidiary, Minerva Gas, controls seven units.

AET orders hybrid-electric shuttle tanker

China’s shipbuilding sector, particularly CSSC’s Dalian Shipbuilding Industry Corp, has also won AET’s confidence. The wholly owned subsidiary of Malaysian energy logistics group MISC Berhad announced on 9 February that it had signed a contract for its first hybrid-electric dynamic positioning shuttle tanker (DPST).

The 154,000-dwt Suezmax, slated for delivery in 2028, will be dual-fuel ethanol-ready and feature an electric energy storage system, and is secured on a long-term charter.

“The latest newbuilding strengthens AET’s DPST capability and reflects our strategic investment in this segment – combining innovation, operational excellence and partnerships to support offshore energy production while advancing lower-emissions solutions,” AET said. “With dual-fuel capability across all tanker segments, the addition of hybrid-electric propulsion further broadens lower-emissions optionality for customers while enhancing competitiveness,” the company added.

“AET operates one of the youngest and largest DPST fleets serving Brazil, and the North and Barents seas,” said AET president and chief executive Nick Potter. “Our ambition is to continue extending our industry-leading position and deliver reliable, safe and sustainable DPST solutions to customers worldwide.”

AET’s fleet now exceeds 70 vessels, including 17 DPSTs, along with LNG and ammonia dual-fuel ships. 

The Suezmax tanker market has seen notable growth in its orderbook since last year, as owners rush to secure slots amid fleet renewal needs and a generally firm market environment.