New Shipping, the private shipping company owned by renowned Greek shipowner Adam Polemis, is set to re-enter the new tanker construction market and plans to order two Suezmax tankers in South Korea.
New Shipping has reportedly signed a letter of intent with Samsung Heavy Industries for the construction of two Suezmax tankers, with delivery tentatively scheduled for 2028. Each vessel costs approximately US$83 million, a price below the current market price for South Korean shipyards. If the letter of intent is finalized, Samsung Heavy Industries plans to have up to four new vessels constructed by HSG Sungdong Shipbuilding.
Data from shipbroker Xclusiv Shipbrokers indicates that South Korean shipyards are currently quoting approximately $87 million for newbuild Suezmax tankers. In a similar order, Greece’s Evalend Shipping recently placed an order with HD Hyundai Samho for two Suezmax tankers at a cost of $87 million per vessel.
Notably, this letter of intent with Samsung Heavy Industries marks New Shipping’s second attempt this year to order Suezmax tankers.
In July this year, New Shipping reportedly expressed interest in collaborating with a Chinese shipyard to build two 163,000 DWT Suezmax tankers with two option vessels. The disclosed unit price at the time was approximately $77 million each, slightly below market valuation, with delivery tentatively scheduled for 2028. However, shipping brokers indicate that the deal has not progressed.
Shipping databases indicate that Adam Polemis owns over 25 tankers and bulk carriers. Recently, New Shipping acquired the newly built LR2 tanker Hesperia Tide from Eastaway for approximately $71 million. The vessel has a deadweight of 115,000 tons, is equipped with a desulfurization system, and was delivered by Zhoushan Changhong International in 2025.
For Samsung Heavy Industries, this letter of intent with New Shipping reflects its strategy to outsource tanker construction amid growing order volumes. Earlier, Samsung Heavy Industries entered into a cooperation agreement with HSG Seongdong Shipbuilding, which will handle the complete construction of tankers for HSG Sungdong Shipbuilding.
As a major shipyard that once ranked among the world’s top ten shipbuilders, HSG Sungdong Shipbuilding currently specializes in hull section manufacturing. Leveraging its extensive shipbuilding infrastructure—including a 360,000-square-meter dry dock, 2 kilometers of wharf frontage, and 900-ton giant cranes—HSG Sungdong Shipbuilding is actively positioning itself for a comprehensive return to full-vessel construction. With years of construction experience, a stable production system, and skilled technical personnel, HSG Sungdong Shipbuilding delivers quality and delivery capabilities comparable to those of major shipyards.
The collaboration with HSG Sungdong Shipbuilding represents a key initiative by Samsung Heavy Industries to reduce its reliance on outsourcing to Chinese shipyards.
Samsung Heavy Industries has outsourced the construction of eight Suezmax tankers to China’s PaxOcean Engineering Zhoushan Co.Ltd (POEZ). Samsung Heavy Industries is responsible for the new ship design, performance bonds, and procurement of equipment and materials, while POEZ handles the construction work. The collaboration between the two parties began in November 2024, marking POEZ’s official entry into the large tanker construction sector.