On January 29, South Korea’s mid-sized shipbuilder DH Shipbuilding announced it had signed a contract with a European shipowner to build two 157,000 DWT Suezmax tankers. The order is valued at 250 billion won (approximately $170 million), with each vessel costing about $85 million. Delivery is scheduled in two batches in January and May 2029. Industry sources indicate the order was placed by Swiss shipping company Advantage Tankers.
This order for two new vessels is not the first time Advantage Tankers has placed an order with DH Shipbuilding; the two parties previously signed a contract in 2023 for the construction of three Suezmax tankers.
Currently, Advantage Tankers is focusing on expanding its tanker-centric fleet. As the crude oil transportation market gains attention due to rising freight rates and growing demand for environmentally friendly vessels, the shipowner’s newbuild order aims to augment its shipping capacity.
Currently, Advantage Tankers is focusing on expanding its tanker-centric fleet. As the crude oil transportation market gains attention due to rising freight rates and increasing demand for environmentally friendly vessels, the shipowner’s new vessel order aims to expand its capacity.
Suezmax tankers are the largest vessels capable of transiting the Suez Canal when fully loaded with crude oil and other cargo. These vessels have a deadweight tonnage of 120,000 to 200,000 tons and a carrying capacity of approximately 1 million barrels of oil, offering greater operational flexibility compared to Very Large Crude Carriers (VLCCs).
With this order announcement, global shipowners placed orders for a total of 11 Suezmax tankers in January 2026, with DH Shipbuilding securing six of them, capturing a 54% market share. In addition to Advantage Tankers, Nordic American Tankers and Greece’s Panos Laskaridis also placed orders for two Suezmax tankers each with DH Shipbuilding in January this year.
As of January 29, DH Shipbuilding has approximately 30 vessels on its order book, with delivery schedules extending through 2029.