Greek shipowners have emerged as the most active players in this year’s tanker market. Alongside established operators placing orders, new entrants have joined the shipbuilding race, targeting the same Chinese shipyard for construction slots.
Letter of Intent for 2 115,000 DWT Aframax Tankers
Greek media reports indicate that Venergy Maritime, a Greek shipping company under Vyron Vasileiadis, is rapidly expanding its fleet as a newcomer to the tanker market through new shipbuilding projects and the acquisition of a modern second-hand fleet.
Shipbrokers and market sources indicate that Venergy Maritime has signed a letter of intent with New Times Shipbuilding for the construction of two 115,000 DWT Aframax tankers, scheduled for delivery in 2029. The estimated cost per vessel is approximately $69 million.
Venergy Maritime is a privately owned shipping company established in 2021. As a new entrant in the tanker market, it is currently focused on rapidly building a modern fleet and has invested over $300 million in the second-hand vessel market to acquire vessels. Earlier this year, the company attracted significant attention in the second-hand market by purchasing two MR product tankers built in 2018 from Italian shipowner Premuda for approximately $75 million.
Currently, Venergy Maritime focuses on the medium-sized tanker sector, with a fleet of three vessels. The shipowner has also ordered four MR product tankers from K Shipbuilding in South Korea, expected to be delivered between the first and second quarters of 2027, named “Erietta”, “Filippos”, “Paris,” and “Marianna”.
Two LR1 product tankers ordered
With Greek shipowners showing enthusiasm for building heavy oil tankers, the newly established Greek shipowner Akrotiri Tankers is joining the ranks of tanker owners by signing its first newbuilding contract with a Chinese shipyard, marking a significant milestone in the expansion of its fleet.
Market sources indicate that Akrotiri Tankers has signed a contract with New Times Shipbuilding for the construction of two LR1 product tankers. Although the specific pricing has not been disclosed, the market estimates the cost per vessel at $59 million, with delivery expected by the end of 2028.
This foray into the newbuilding market signals Akrotiri Tankers’ focus on developing its LR1 product tanker fleet. Since its establishment earlier this year, the company has invested approximately $80 million to acquire three vessels in the secondhand market, aiming to establish a foothold in this sector.
It is understood that Akrotiri Tankers was established by Marielena Procopiou and her husband Konstantinos Lampsias. Marielena Procopiou’s father is George Procopiou, a veteran Greek shipowner. His shipping company, Dynacom Tankers Management, has ordered six 75,000 DWT LR1 product tankers from New Times Shipbuilding, with additional Suezmax tankers and Very Large Crude Carriers (VLCCs) under construction at the same shipyard.
As one of the leading private shipyards, New Times Shipbuilding has recently demonstrated remarkable activity in the new shipbuilding market.
In the tanker market, in addition to the orders from the two emerging Greek shipowners mentioned above, Bruton, an Oslo-listed tanker owner backed by Tor Olav Trøim, has secured 2+2 VLCCs from New Times Shipbuilding. The new vessels are equipped with scrubbers and feature liquefied natural gas (LNG) pre-installed designs. This is New Times Shipbuilding’s first VLCC construction contract this year, and the fifth and sixth VLCCs that Tor Olav Trøim has ordered from the shipyard since 2023.
In addition, New Times Shipbuilding is about to finalize another multi-billion dollar order. Recently, market rumors circulated that Maersk has essentially selected New Times Shipbuilding to build 8+4 18,000 TEU LNG dual-fuel large container ships, with a total value of approximately $2.3 billion. New Times Shipbuilding has secured a major order amid competition with several leading Chinese and South Korean shipyards, with the formal contract reportedly set to be finalized before year-end. This year, New Times Shipbuilding has yet to announce any new orders in the container ship market.