Greek shipowner Harry Vafias is expanding its crude oil tanker fleet, having ordered six new vessels of two types from HD Hyundai’s shipyard. This move aligns with the market trend of Greek shipowners actively expanding and modernizing their tanker fleets.
Ship brokers have revealed that Stealth Maritime, a shipping company under Harry Vafias, has ordered two 157,000 DWT Suezmax tankers from HD Hyundai Heavy Industries. The cost per vessel is approximately US$86 million, with delivery expected in 2028.
In addition, Stealth Maritime has ordered 2+2 115,000 DWT Aframax tankers from HD Hyundai Vietnam Shipbuilding, with a unit price of approximately US$73 million, and delivery is expected in 2029. The total value of the 6 new vesselss of the 2 types is approximately US$464 million.
Reports indicate that due to current tight shipyard capacity, Stealth Maritime is expected to soon confirm an option order with HD Hyundai Vietnam Shipbuilding.
It is understood that Harry Vafias has a long-standing partnership with HD Hyundai, having previously ordered Suezmax tankers and a series of product tankers from its shipyard, with the latter expected to be delivered in 2027. Over the past few years, HD Hyundai’s shipyards have built 15 new vessels for Harry Vafias, and with the latest disclosure of 6 more, the total number of vessels they have jointly built has increased to 21.
Additionally, the latest shipbuilding contract with HD Hyundai’s shipyards also signifies that the Vafias Group is advancing its strategic transformation.
Since early 2023, the group has been committed to expanding its presence in the medium-sized liquefied gas transport market while also engaging in second-hand vessel transactions in the bulk carrier and product tanker sectors. It has invested US$500 million in the second-hand vessel market and allocated nearly US$300 million to newbuild projects.
Vafias Group’s return to crude oil transportation through this newbuilding project coincides with renewed interest among Greek shipowners in ordering new tankers. Greek owners including JHI Steamship, Thenamaris, Evalend Shipping, and New Shipping have all placed new orders for crude oil carriers. Notably, Thenamaris is re-entering the Suezmax tanker segment after a decade-long absence.