Navios Maritime Partners, a US-listed shipbuilding company led by Greek shipowner Angeliki Frangou, has officially announced an order for up to eight Very Large Crude Carriers (VLCCs), with options available, bringing the total cost to nearly $1 billion.
In its Q1 2026 financial report, Navios Maritime Partners disclosed that in May 2026, the company signed a contract with an undisclosed shipyard to build 4+2+2 319,000 DWT VLCCs. The first batch of four vessels has a total cost of US$482 million, or approximately US$120.5 million per vessel, and is expected to be delivered in the second half of 2028. If the four optional vessels become available, the total cost of this batch of VLCCs will reach US$964 million (approximately RMB 6.55 billion).
These VLCCs are equipped with desulfurization devices and are part of a shipbuilding project undertaken by Navios Maritime Partners under a long-term time charter contract. The first batch of four new ships are all under a five-year charter contract with a net daily rate of US$47,763. The charterer has a one-year option to extend the charter for a daily rate of US$52,650.
It’s worth noting that while Navios Maritime Partners hasn’t disclosed the shipyard information for this VLCC order, market reports in February indicated that the company had secured four VLCC slots from Wuhu Shipyard. If confirmed, this would mark the century-old shipyard’s first VLCC order and the largest vessels built to date. According to information disclosed at the time, these VLCCs would be built at Wuhu Shipyard’s Nantong base.
In addition to Wuhu Shipyard, two other major Chinese shipbuilders have officially announced their first VLCC orders this year: CIMC Raffles, a subsidiary of CIMC Group, and Wison New Energies, which has focused on the offshore engineering market in recent years.
In March 2026, CIMC Raffles announced a contract with European shipowner Bruton for four 319,000 DWT VLCCs. The project entered the construction phase in May, marking the shipyard’s formal entry into the VLCC construction field, a sector previously dominated by Ro-Ro ships, car carriers, wind turbine installation vessels, and container ships.
In May 2026, Wison New Energies, through Greek shipowner United Overseas Group (UOG), ordered 6+4 319,000 DWT VLCCs, marking its first foray into this core commercial shipping market. These new vessels will be built at Wison New Energies’ Nantong base, representing the shipyard’s return to the commercial shipping market after delivering its last batch of commercial ship orders between 2011 and 2012.
Driven by geopolitical factors, fleet renewal needs, and increased crude oil production, the VLCC newbuilding market has entered a window of opportunity for new orders. Global shipowners have placed orders for over 110 new vessels this year, with approximately 100 undertooked by Chinese shipbuilders and the remainder by South Korean shipbuilders. Hengli Heavy Industries leads the global market with over 50 orders, followed by Dalian Shipbuilding Industry Corporation (DSIC), Jiangsu Hantong Ship Heavy Industry Co., Ltd(HT), Beihai Shipbuilding, and newcomers CIMC Raffles and Wison Clean Energies.
For shipowner Navios Maritime Partners, in addition to the four VLCCs already ordered, it has agreed to acquire two Capesize bulk carriers built by a Japanese shipyard and equipped with scrubbers from an unrelated third party on a 12-year bareboat charter agreement, at a total cost of US$134.3 million. The option to purchase the vessels is available from the end of the fourth year of the charter. These bulk carriers are expected to be delivered in the second half of 2028 and the first quarter of 2029, respectively, and are currently on a five-year charter.
Regarding fleet renewal, in the first quarter of 2026, Navios Maritime Partners sold five older vessels with an average age of 17 years, generating a total revenue of US$189.3 million. These included two VLCCs, one feeder container ship, and two dry bulk carriers. One VLCC and one dry bulk carrier are expected to be delivered to new owners in the second quarter of 2026. The company also received five newbuilds, all with long-term charter contracts, including one medium-sized container ship, one MR2 product tanker, and three Aframax/LR2 tankers.
Excluding the aforementioned vessels with agreed-upon sales, Navios Maritime Partners currently owns and operates 65 dry bulk carriers, 51 container ships, and 57 tankers, totaling 173 vessels. The data includes vessels under construction: 2 bulk carriers chartered under bareboat charter agreements; 7 container ships (3 7900TEU and 4 8850TEU); and 17 tankers (4 VLCCs, 9 Aframax/LR2 tankers, and 4 MR2 product tankers, all chartered under bareboat charter agreements). Delivery of these new ships is scheduled for 2028-2029.