Vafias-led Stealth Maritime splashes over US$320M on new tanker orders

The Greek shipowner has ordered two 157,000-dwt Suezmaxes and two 115,000-dwt Aframax/LR2 tankers at South Korean shipbuilding conglomerate HD Hyundai.

On 14 November, HD Hyundai Heavy Industries disclosed a contract for a pair of Suezmaxes valued at approximately US$175M, with deliveries scheduled for Q4 2028. The shipyard did not reveal the buyer’s identity, citing only an “Oceania-based owner,” but shipbroking sources linked Stealth Maritime to the deal.

Similarly, on 17 November, HD Hyundai Mipo announced a contract for two product carriers worth around US$149M, again naming the buyer only as an “Oceania-based shipping company.” Shipbrokers identified Stealth Maritime as the owner. This pair is slated for delivery in Q1 2029.

With these orders, HD Korea Shipbuilding & Offshore Engineering has secured contracts for 102 ships worth US$13.7Bn to date, achieving 76% of its annual order target.

Active player

The Vafias family shipping group is known for building vessels in Japanese and South Korean yards and has been actively ordering product tankers and LPG carriers in recent years.

Another private entity, Brave Maritime, has also emerged as a dominant player in the dry bulk sale and purchase (S&P) market over the past two years.

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

Riviera recently reported that crude oil tankers are dominating the Greek orderbook this year. Data from Xclusiv Shipbrokers shows that between January and October 2025, Greek owners placed orders for 31 Suezmax tankers and six VLCCs, accounting for 77% of their total tanker orders during the period.