Spanish shipping company Ibaizabal Group has returned to the Suezmax tanker newbuilding market after more than a decade, securing a new order from a Chinese private shipyard.
Multiple shipbuilding sources revealed that Ibaizabal Tankers, the tanker division of the Ibaizabal Group, has ordered at least two 158,000 DWT Suezmax tankers from Hengli Heavy Industries, with delivery expected in 2028. Neither the shipowner nor the shipyard has disclosed specific prices, but shipbrokers estimate approximately US$85 million per vessel.
Other shipbuilding databases show that Ibaizabal Tankers owns as many as four Suezmax tankers with Hengli Heavy Industries, with an estimated cost of US$86 million per vessel. This suggests that the shipowner’s current shipbuilding scale may exceed the initial plan of the first two vessels.
Other shipbuilding databases show that Ibaizabal Tankers owns as many as four Suezmax tankers with Hengli Heavy Industries, with an estimated cost of US$86 million per vessel. This suggests that the shipowner’s current shipbuilding scale may exceed the initial plan of the first two vessels.
It is worth noting that this collaborative shipbuilding project with Hengli Heavy Industries marks Ibaizabal Tankers’ first Suezmax tanker order in over a decade. The shipowner’s last Suezmax tanker order dates back to 2015, 11 years ago, when it placed a bulk order with the Spanish state-owned shipyard Navantia, which was delivered between 2018 and 2019.
Ibaizabal Tankers currently operates seven Suezmax tankers. Compared to other European tanker shipping companies, the shipowner has been relatively inactive in the new shipbuilding market in recent years.
For the shipyard, this order will further propel Hengli Heavy Industries into the mainstream global tanker construction market. Suezmax tankers have become Hengli Heavy Industries’ main ship type, and as of May 5th, the company has received orders for 20 vessels of this type this year. Hengli Heavy Industries stated that all of these new vessels are its own designs, which facilitates streamlined and mass-produced construction.