Vafias hits 13-vessel orderbook topping US$1Bn with four more tankers in South Korea

HD Hyundai Heavy Industries disclosed on 20 January that it has signed a contract with an undisclosed shipowner for two 157,000-dwt Suezmax tankers and two 115,000-dwt Aframax/LR2 vessels.

According to the shipyard, the new contract is valued at around US$326M, with deliveries scheduled through the end of the first half of 2029.

Shipbroking and market sources have linked Stealth Maritime to the deal, noting the quartet represents options attached to a previous order for four identical units at the same yard. With this addition, Stealth Maritime now has eight Suezmax and Aframax/LR2 tankers being built at the yard.

In earlier contracts signed last November, the Suezmax pair was valued at US$175M, while the Aframax duo was priced at approximately US$149M.

Extensive orderbook

With the latest contract, the Vafias family shipping group now oversees a 13-vessel newbuilding programme worth around US$1.1Bn. In addition to the eight Suezmax/Aframax units underway in South Korea, the group has ordered four MR tankers – also at HD Hyundai – and has an 11,000-m³ VCM carrier under construction in Japan.

The Vafias group has a long-standing preference for Japanese and South Korean yards and has been an active buyer of product tankers and LPG carriers in recent years. 

Another private entity within the group, Brave Maritime, has also emerged as a dominant force in the dry bulk sale-and-purchase market over the past two years.

The broader Vafias Group encompasses US-listed entities StealthGas, Imperial Petroleum and C3is Inc, along with privately held companies Stealth Maritime and Brave Maritime.

Greek tanker appetite

Greek owners have entered 2026 with a strong appetite for tanker orders. In addition to the latest Stealth Maritime contract, Riviera has reported fresh VLCC and Suezmax orders from Laskaridis Shipping, New Shipping and Cape Shipping.

For HD Hyundai, the new deals bring its 2026 tally to nine vessels so far, worth around US$1.5Bn and accounting for 6% of its annual order target.