Evalend Shipping, the Greek shipping company led by Kriton Lendoudis, is deepening its cooperation with South Korean shipbuilders and has reportedly placed an additional order for two Suezmax tankers with a South Korean shipyard.
Shipbrokers and market sources report that Evalend Shipping has signed a letter of intent with HD Hyundai’s shipyard for the construction of two 157,000 DWT Suezmax tankers. This move further signals the ongoing surge in investment within the crude oil tanker sector.
Sources revealed that the shipyard signing this letter of intent is HD Hyundai Samho. Evalend Shipping has already placed firm orders for six Suezmax tankers at this shipyard this year, with each vessel costing between $87 million and $90 million.
In the gas carrier market, Evalend Shipping has also signed shipbuilding contracts with HD Hyundai’s shipyards this year. On February 10, HD Hyundai Mipo announced it had secured orders for four liquefied natural gas (LNG) bunkering vessels, with Evalend Shipping as the shipowner.
Excluding letters of intent, Evalend Shipping and HD Hyundai’s shipyards have secured orders for 10 new vessels across two types this year, including six Suezmax tankers and four LNG bunkering vessels, with deliveries commencing in 2027.
In recent years, Kriton Lendoudis has emerged as one of Greece’s most active shipowners, consistently advancing newbuilding programs focused on tankers, LNG carriers and bulk carriers.
Currently, the market for large crude oil tankers remains active, with orders for crude carriers surging sharply in recent weeks. Greek shipowners are leading this wave of new orders, with both Maran Tankers and Stealth Maritime announcing VLCC orders recently.
Other Greek shipowners active in the Suezmax tanker newbuilding market this year include Dynacom Tankers, Thenamaris, New Shipping, Centrofin, Golden Energy, and Atlas Maritime.
Last week, European shipbrokers noted that newbuilding slots for large crude carriers at top-tier global shipyards are tightening, with some yards’ delivery schedules now extending to late 2029. This scarcity of shipyard capacity has fueled shipowners’ enthusiasm for the secondhand vessel market.
For instance, Okeanis Eco Tankers, owned by the Alafouzos family, announced last week its plan to acquire two Suezmax tankers originally ordered by Atlas Maritime under Leon Patitsas’ leadership, drawing market attention. Meanwhile, Evangelos Marinakis’ Capital Group is negotiating with Hayfin Capital Management regarding the transaction of another two Suezmax tankers. All four vessels are scheduled for delivery in 2026.