Industry sources indicate that Greek shipowner Arcadia Shipmanagement, led by Panagiotis and George Angelopoulos, is in talks with a South Korean shipyard to expand its tanker order book, with its first newbuilds soon to be put into service.
Shipbrokers and market sources revealed that Arcadia has signed a letter of intent with HD Hyundai Heavy Industries to build two Suezmax tankers, with delivery expected before 2029. A formal shipbuilding contract has not yet been finalized.
The two new vessels will fly the Greek flag, be equipped with alternative fuel reserves, and comply with the latest environmental regulations.
It is worth noting that the two Suezmax tanker slots for HD Hyundai Heavy Industries were originally booked by another Greek shipowner, but the order ultimately fell through.
Currently, Arcadia operates nine tankers and earlier this year took delivery of two Suezmax tankers, the Aegean Fighter and Aegean Winner, from HD Hyundai Heavy Industries. These are the first vessels delivered under its seven-vessel newbuilding program. The shipowner will also receive one additional Suezmax tanker from HD Hyundai Heavy Industries this year. In 2027, Dalian Shipbuilding Industry Corporation (DSIC) will deliver four Aframax/LR2 product tankers to Arcadia.
Meanwhile, Aegean Bulk, the dry bulk shipping arm of George Angelopoulos, re-entered the newbuilding market at the end of 2025 after years of inactivity, placing an order with Hengli Heavy Industries for four 82,000 DWT Kamsarmax bulk carriers.
Currently, demand for new Suezmax tankers continues to rise, with shipowners maintaining strong enthusiasm for placing orders. Samsung Heavy Industries is also in discussions with a shipowner for a Suezmax tank project.
Data from shipbroker Xclusiv Shipbrokers shows that as of February 2026, global shipowners have placed orders for 26 Suezmax tankers, compared to just 3 during the same period last year. Most recent orders have been secured by Hengli Heavy Industries, while Greek shipowners Dynacom Tankers and Minerva Marine have also signed new contracts.
Allied Shipbroking data indicates that the newbuilding price for Suezmax tankers currently stands at $86 million, unchanged over the past 12 months.