Hanwha Ocean has won new orders in the very large crude carrier (VLCC) market!
Capita, led by Greek shipping magnate Evangelos Marinakis, has announced that it has signed a contract with Hanwha Ocean for a very large crude carrier (VLCC) at a cost of approximately US$127.5 million.
Together with the two 320,00 DWT VLCCs ordered in April this year, Hanwha Ocean and Capita have signed three VLCCs this year with a total order value of US$385.5 million. The first two vessels are scheduled to be delivered in May 2027.
So far, Capital’s total investment in VLCC newbuildings has reached about US$1.2 billion, and another six vessels were undertaken by Chinese shipyards, with each costing US$140 million. In February 2024, Capital placed an order for 4+2 LNG dual-fuel powered VLCCs at Dalian Shipbuilding Industry co.,ltd.(DSIC). The option order took effect in June of the same year, and the delivery date is scheduled for 2028.
In addition to Capita’s option vessels, Hanwha Ocean has already won VLCC orders from HD Hyundai Heavy Industries and Samsung Heavy Industries.
According to TradeWinds, Greek diversified shipowner Tsakos Energy Navigation (TEN) has signed a letter of intent with Hanwha Ocean for the construction of 2+1 VLCCs. Each vessel will cost between US$123 million and US$125 million, bringing the total value of the three vessels to between US$369 million and US$375 million. Deliveries are expected in 2027.
This new shipbuilding order is in line with Tsakos’ strategy to renew its fleet, and it’s also the company’s first VLCC order in 10 years. The last batch of VLCC orders was built by HD Hyundai Heavy Industries.
Currently, Hanwha Ocean is expanding its orders with a focus on high value-added vessels, and this year also promises good performance.
In the first quarter of this year, Hanwha Ocean’s order value reached US$2.56 billion, an increase of about 9% over the same period last year. VLCC is the “main ship type” that has driven its performance improvement. Switzerland’s Advantage Tankers and Greece’s Capital Ship Management have placed orders for two VLCCs with it respectively. Among them, the Greek shipowner’s single vessel cost as high as US$129 million, which was US$4 million higher than the market price at the time.
It is worth noting that although Samsung Heavy Industries lost the competition for the VLCC order, earlier this year, Tsakos had placed an order for nine 158,000 DWT Suezmax shuttle tankers at the shipyard. The total value of the order is approximately US$1.33 billion, with a single vessel costing approximately US$148 million. The first two vessels will be delivered in 2027, and the remaining seven vessels will be delivered in 2028.
The latest shuttle tankers ordered by Tsakos are designed for the transportation of crude oil at sea and will be equipped with a DP2 dynamic positioning system. They will also feature advanced technologies designed to reduce emissions and improve fuel efficiency. Each vessel can carry up to 1 million barrels of crude oil. Upon delivery, they will serve Transpetro, the shipping subsidiary of Petrobras. Earlier, Tsakos had signed a 15-year time charter contract with Transportro.