Greek owner New Shipping diversifies China orderbook with Aframax tanker

The Greek shipping company has emerged as the owner of a 115,000-dwt vessel currently under construction at CSSC subsidiary Dalian Shipbuilding Industry Co (DSIC), with delivery expected towards the end of the year.

Shipbroking and market sources indicate that the order was placed in 2025 but largely went under the radar.

New Shipping is a regular client of CSSC. Riviera reported earlier this year that the company had been linked to a contract for three Suezmax tankers at CSSC Beihai Shipbuilding. The Greek owner also placed orders for Suezmax newbuildings at Samsung Heavy Industries last year.

According to Equasis, New Shipping controls a fleet of 27 vessels, comprising a mix of crude tankers and bulk carriers. The company was also active in the secondhand market in 2025, acquiring a modern LR2 tanker as well as a mid-aged VLCC.

Aframax/LR2 tankers have not been at the forefront of Greek tanker newbuilding activity this year, as interest has shifted towards larger Suezmax and VLCC vessels.

Data from Xclusiv Shipbrokers shows that Greek owners ordered four Aframax/LR2 tankers in Q1 2026, while 11 such vessels were contracted globally, compared to seven in the same period last year.

Nevertheless, due to the significant volume of orders placed two to three years ago, Aframax/LR2 tankers still account for a 19% share of the Greek tanker orderbook, ranking second behind Suezmaxes, according to Xclusiv Shipbrokers.

The same source estimates that the orderbook-to-fleet ratio stands at just over 18% in dwt terms as of early April.