New Shipping quickly employs newly acquired LR2 tanker

Adam Polemis-led New Shipping has lined up employment for its latest fleet addition, only weeks after advancing a significant newbuilding contract in South Korea.

According to shipbrokers, the 2025-built, 116,926-dwt Aframax/LR2 tanker New Spiros has been fixed on a 12-month charter at around US$36,000 per day. The Chinese-built, scrubber-fitted vessel – formerly Hesperia Tide – was acquired directly from the yard for about US$70M.

Market assessments indicate the rate is in line with prevailing levels. MB Shipbrokers values one-year eco-design LR2 charters at about US$35,000 per day, while BRS Shipbrokers estimates scrubber-fitted units at US$36,000, broadly stable compared with recent weeks.

Fleet expansion strategy

In September, Riviera reported that New Shipping was close to concluding a deal with South Korea’s Samsung Heavy Industries (SHI) for two firm Suezmax tankers, scheduled for delivery in 2028, with construction at HSG Sungdong Shipbuilding. Earlier, in July, the company had signed a letter of intent with CSSC Qingdao Beihai Shipbuilding for up to four units, though that agreement did not progress to firm orders.

The owner has also been actively reshaping its fleet by disposing of older tonnage. VLCC New Tinos, built in 2003, was recently sold for about US$37M, while similarly aged New Naxos changed hands earlier this year for around US$33M.

Equasis currently records New Shipping with a fleet of 26 tankers and bulk carriers.