Greek owner Arcadia Shipmanagement eyes Suezmax newbuildings in South Korea

Shipbroking and market sources link the Greek owner with a letter of intent (LOI) with HD Hyundai for the construction of two Suezmax tankers, with deliveries expected through 2029. Sources note that no firm deal has yet been finalised.

European brokers reported last week that these newbuilding slots were initially reserved by another Greek shipping company, but that order ultimately fell through.

Arcadia Shipmanagement, which has been approached for comment, currently manages an active fleet of nine tankers. Earlier this year, the company received two Suezmaxes from HD Hyundai – Aegean Fighter and Aegean Winner – marking the first deliveries under its seven-vessel newbuilding programme.

As with other vessels in the fleet, both newbuilds will sail under the Greek flag. They are equipped with alternative-fuel-ready features and comply with the latest environmental regulations.

The company is set to take delivery of an additional Suezmax from HD Hyundai this year. In 2027, it expects four Aframax/LR2 tankers from China’s Dalian Shipbuilding Industry Co.

Meanwhile, the dry bulk arm of the Angelopoulos shipping ventures, Aegean Bulk, returned to the newbuilding market late last year after a multi-year hiatus. The company contracted Hengli Heavy Industries in China for four 82,000-dwt Kamsarmax bulk carriers.

Rising newbuilding interest 

Suezmax tankers continue to attract strong investment interest from owners willing to place new orders. Last week, Riviera reported on JP Morgan-backed interests exploring a project with Samsung Heavy Industries.

According to Xclusiv Shipbrokers, 26 Suezmaxes were ordered through mid-February this year, compared with just three during the same period last year.

Hengli Heavy Industries has captured the majority of these recent contracts, with Greek owners Dynacom Tankers and Minerva Marine among those linked to new deals.

Data from Allied Shipbroking indicates that the current cost of a Suezmax newbuilding remains at US$86M, unchanged over the past 12 months.