Cape Shipping, a Greek ship management company controlled by the Andrianopoulos family, is planning to enter the Very Large Crude Carrier (VLCC) market after spending two years building a modern tanker fleet.
Greek shipping brokerage sources report that Cape Shipping is in negotiations with Beihai Shipbuilding, a subsidiary of China State Shipbuilding Corporation (CSSC), to build a VLCC scheduled for delivery in the fourth quarter of 2028. Sources indicate the VLCC will have a deadweight tonnage of 319,000 tons and be equipped with a desulfurization tower, with the vessel’s estimated cost reaching approximately $120 million.
It is understood that Cape Shipping has traditionally focused on bulk carriers and container ships. Two years ago, the shipowner formally announced its return to the tanker market with a landmark order, disclosing plans to establish a 10-vessel tanker fleet. The majority of these vessels are newbuildings, comprising 2 medium-sized product tankers, 4 Aframax tankers, 2 Suezmax tankers and 2 LR1 product tankers. Some vessels have already joined the fleet, with the remainder scheduled for delivery by 2027.
Notably, shipyards under CSSC play a pivotal role in Cape Shipping’s tanker expansion strategy. According to incomplete statistics, the shipowner has ordered a total of 8 new vessels since 2024, with 6 of them being constructed by CSIC-affiliated shipyards. Specifically, these include: – 2 115,000 dwt Aframax tankers and 2 158,000 dwt Suezmax tankers at Waigaoqiao Shipbuilding; – 2 115,000 dwt Aframax tankers at Dalian Shipbuilding Industry Corporation (DSIC). Additionally, two 74,000 dwt LR1 product tankers are being constructed by Yangzijiang Shipbuilding.
Cape Shipping’s VLCC expansion plan comes at a pivotal moment when demand for new VLCC orders is heating up again. In recent weeks, multiple shipowners have placed substantial orders for VLCCs at Chinese and South Korean shipyards.
Separate reports indicate that Cape Shipping is also in discussions with Japan Marine United (JMU) to build a VLCC, with a delivery schedule similar to the order placed with Beihai Shipbuilding.
According to its official website, Cape Shipping was established in 1987 and currently operates a fleet of 14 vessels, comprising 7 bulk carriers and 7 container vessels. Beyond its tanker expansion, the shipowner remains active in the bulk carrier and container vessel sectors. This year, it ordered two 3,100 TEU container vessels from New Dayang Shipbuilding, each costing approximately $44 million to $45 million, with deliveries expected to commence in the second quarter of 2028.