Pantheon Tankers mulls Suezmax order, intensifies talks with shipyards

According to shipbroking and market sources, the prominent Greek shipowner has signed a letter of intent (LOI) with South Korea’s HD Hyundai for a Suezmax tanker, with an expected delivery in early 2027. Sources further indicate Pantheon Tankers is currently the only Greek owner in discussions with Hyundai for tanker newbuildings scheduled within this timeframe.

Greek shipbroking firms estimate the cost of a new Suezmax tanker at a South Korean shipyard is approximately US$90M.

Meanwhile, other shipbrokers report Pantheon Tankers has also approached several Chinese shipyards regarding potential opportunities in the VLCC sector.

Pantheon Tankers is actively expanding its fleet with a six-vessel newbuilding programme. Chinese shipbuilder Cosco Yangzhou is constructing four Aframax/LR2 vessels, slated for delivery in 2025 and 2026. Additionally, Dalian Shipbuilding Industry Co is preparing two VLCCs, scheduled for launch in 2027.

Currently, the company operates a fleet of 39 tankers. As part of its fleet renewal strategy, Riviera has reported it has listed its oldest vessel, 2007-built Aframax Sea Falcon, for sale.

Greek owners favour Suezmaxes

According to Xclusiv Shipbrokers, Greek owners placed orders for 127 tankers in 2024, a decline from the multi-year high of 152 in 2023. Suezmax tankers led the preference list with 26 new orders, followed by MR2 and LR1 vessels.

An analysis of the total Greek tanker orderbook shows Suezmaxes account for 25% of orders, making them the second-most popular choice behind Aframax/LR2 vessels, which hold a 32% share.

Greek owners remain a dominant force in global tanker markets, holding 27% of the global tanker orderbook and representing 26% of all orders placed in 2024. Their on-the-water fleet accounts for 23% of the world’s total tanker deadweight tonnage.