As crude oil tankers become the hottest assets in the market, Capital Group, led by Greek shipping magnate Evangelos Marinakis, has reportedly converted a container ship order into a Suezmax tanker order.
On March 4, HD Hyundai, South Korea’s largest shipbuilding group, announced that its subsidiary, HD Hyundai Samho, had changed its order for four container ships from an Oceanian shipowner to four 157,000 DWT Suezmax tankers. These Suezmax tankers are expected to be delivered before October 2028.
According to publicly available information, the shipbuilding contract costs have undergone significant adjustments following order changes due to vessel type changes: the total cost for the container ship order is approximately $466 million, while the total cost for the Suezmax tanker order exceeds $360 million, representing a difference of over $100 million between the two.
Previous reports indicate that the container ship order subject to this amendment was initially announced on December 19, 2025. While the shipbuilder did not disclose the vessel specifications or owner details at the time, shipping broker sources indicate the order originated from Greece’s Capital Group, with the newbuilds expected to be between 8,000 and 9,000 TEU. The shipowner has yet to respond to these developments.
It is understood that Capital Group operates one of the world’s largest newbuilding programs, covering three major vessel types: tankers, liquefied natural gas (LNG) carriers, and container ships.
In the tanker sector, since October 2025, the vast majority of Capital’s newbuilding projects have been awarded to China’s emerging private shipbuilder Hengli Heavy Industries. According to Dragon Ship Order Database records, the order volume has exceeded 15 vessels, primarily consisting of Very Large Crude Carriers (VLCCs) and including LR2 product tankers. Newbuilding projects for container ships and LNG carriers are primarily being undertaken by South Korean shipyards.
As part of Capital Group’s strategic expansion, the shipowner has recently established Capital Tankers, a new company dedicated to tanker operations. Following a record-breaking $500 million private placement, the company will list on the Oslo Stock Exchange in March 2026.
The proceeds from this offering will be primarily used to fund the remaining capital expenditures for 22 oil tankers currently under construction, supplement working capital, and meet general corporate needs. Additionally, subject to market conditions, the funds may be used to exercise further vessel order options.
According to the plan, Capital Tankers will commence operations with a fleet of 30 vessels, comprising 12 VLCCs, 10 Suezmax tankers, and 8 Aframax/LR2 product tankers. The fleet consists primarily of newbuildings, with only 3 vessels delivered to date, while the remainder remain under construction.
In today’s new shipbuilding market, influenced by geopolitical factors and other elements, oil tankers have become the hottest ship type. Global shipowners are scrambling to secure the remaining early delivery slots at Chinese and South Korean shipyards.
MB Shipbrokers stated last week that several Chinese and South Korean shipyards specializing in container ship construction have shifted their order focus toward the surging demand for new oil tankers, particularly Suezmax and VLCC projects.
Xclusiv Shipbrokers data indicates that as of late February, orders for 2026 Suezmax tankers had reached 34 vessels. Measured by deadweight tonnage, the order book now accounts for 25% of the fleet.