Trading Winds reports that Greek shipowner Andriaki Shipping has, in a rare move, placed an order for a batch of new vessels in China. It is reported to have ordered two LR1 product tankers from New Times Shipbuilding, with each vessel costing approximately $54.8 million, bringing the total value of the order to about $109.6 million.
Andriaki is a conservative tanker management company affiliated with the established shipowner NJ Goulandris Maritime. This order is significant not only because it marks Andriaki’s first newbuild order in a decade, but also because it breaks the shipowner’s long-standing practice of placing orders almost exclusively with Japanese and South Korean shipyards.
According to its official website, Andriaki Shipping was founded in Greece in 1953 and has managed more than 100 vessels of various types and tonnages. The company primarily provides clients with a range of ship management and maritime services, including day-to-day operational management.
Andriaki currently operates a modern fleet of oil tankers, all of which fly the Greek flag and are classified by leading classification societies affiliated with the International Association of Classification Societies (IACS).
As for the shipbuilder, New Times Shipbuilding has publicly announced more than a dozen new vessels this year, primarily in the oil tanker and container ship markets. Among them, the container ship orders were placed by Maersk; the vessels have a capacity of 18,600 TEU, feature a liquefied natural gas (LNG) dual-fuel design, and have a total construction cost exceeding $1.5 billion.
In terms of production capacity, Dock 4 of New Times Shipbuilding has been put into operation. The other three docks are capable of constructing vessels up to 500,000 dwt, 300,000 dwt and 100,000 dwt respectively. According to earlier reports, Dock 4 of New Times Shipbuilding stretches 700 meters in overall length. It can accommodate the simultaneous construction of two Very Large Crude Carriers (VLCCs) side by side, and also hold two half-block sections of VLCCs alongside each other. A series of new vessels are currently under construction as scheduled.
Currently, New Times Shipbuilding’s core product portfolio encompasses a wide range of vessel types—including bulk carriers, oil tankers, and container ships—and continues to become increasingly well-rounded; the company holds a robust orderbook, with production schedules fully booked through 2029.