Zodiac Maritime, the UK-based shipping company owned by Israeli shipping magnate Eyal Ofer, is significantly expanding its presence in the crude oil transport market. The company has placed a bulk order for new vessels with a preferred private Chinese shipyard, thereby advancing its comprehensive fleet renewal program across multiple shipping sectors.
Zodiac Maritime has signed a contract with Jiangsu Hantong Ship Heavy Industry Co., Ltd. (HT) for the construction of four Suezmax tankers, which are expected to be delivered in 2029. The transaction value of this order has not been disclosed, but according to estimates by shipbrokers, the current newbuilding rate for Suezmax tankers at Chinese shipyards is approximately $89 million per vessel. Based on this estimate, the total value of the four newbuildings at Hantong Shipbuilding is approximately $356 million.
This transaction marks Zodiac Maritime’s deepening commitment to the Suezmax tanker segment, bringing its total number of newbuild orders for this vessel type to nine. Once delivered, the company’s Suezmax tanker fleet is expected to double in size.
Notably, this is Zodiac Maritime’s first order for Suezmax tankers from HT, marking an expansion of the partnership from the Very Large Crude Carrier (VLCC) segment into the medium-sized tanker market. HT’s first Suezmax tanker order was placed in 2023 by Cardiff, a subsidiary of Greece’s George Economou.
In addition to the tanker orders, HT will also construct six 9,000 TEU container ships for this British shipowner, reportedly at a cost of $100 million per vessel. Including the tanker orders, the total cost for the 18 new vessels across three different types amounts to approximately $1.936 billion.
Since the beginning of this year, HT has announced several new shipbuilding projects, all of which are mature ship types in the yard’s portfolio, such as 82,000 DWT bulk carriers, 210,000 DWT bulk carriers, 114,000 DWT product tankers, and VLCCs. Notably, the order for 4+4 82,000 DWT bulk carriers placed by Greek shipowner Erasmus Shipinvest is worth mentioning, as it marks the first time this shipowner has placed an order with a Chinese shipyard, breaking away from traditional shipbuilding patterns. Erasmus Shipinvest has historically relied on Japanese shipyards for its vessels.
On the shipowner side, Zodiac Maritime is currently renewing its tanker fleet through newbuilding projects, with plans to take delivery of two newly built Suezmax tankers from Japanese shipyards in 2025 and early 2026.
The expansion of the tanker fleet is just one part of Zodiac Maritime’s newbuilding plan spanning multiple shipping sectors. For example, the company recently placed an additional order with CIMC Raffles for two 7,000 CEU LNG dual-fuel PCTCs and ordered three Very Large Ammonia Carriers (VLACs) from Hanwha Ocean, marking its official entry into the ammonia transport sector. Including vessels under construction, the company currently operates a fleet of approximately 80 ships across the crude oil, refined products, liquefied gas, and chemical transport sectors.