Arcadia Shipmanagement, the Greek shipping company led by Panagiotis and George Angelopoulos, continues to expand its tanker orderbook, shifting its shipbuilding investment focus toward the Aframax/LR2 tanker segment with orders placed at Chinese shipyards.
Hengli Heavy Industries Announces Orders for 3 New Vessels
According to the fleet list on Arcadia Shipmanagement’s official website, the shipowner has ordered three 114,000 DWT LR2 oil tankers from Hengli Heavy Industries, with delivery expected in 2028.
The three newbuilds from Hengli Heavy Industries mark Arcadia’s second tanker construction contract signed this year. The shipowner’s first order this year was awarded to HD Hyundai Samho, comprising two 157,000 DWT Suezmax tankers scheduled for delivery by May 31, 2029, with a unit price of approximately $89 million.
To date, Arcadia’s fleet data on its official website lists a total of nine newbuilds, including seven Aframax/LR2 oil tankers and two Suezmax oil tankers.
Two New Vessels Take Effect at Dalian Shipbuilding
In addition to the three LR2 oil tankers from Hengli Heavy Industries and the two Suezmax-class oil tankers from HD Hyundai Samho, the shipowner also has four 115,000 DWT Aframax oil tankers under construction at Dalian Shipbuilding Industry Corporation (DSIC), a subsidiary of China State Shipbuilding Corporation, with delivery scheduled for 2026 (one vessel) and 2027 (three vessels).
DSIC initially announced on December 4, 2025, that it had signed a contract with Arcadia for the construction of 2+2 115,000 DWT Aframax tankers; according to the shipowner, the option contract for this order has now been exercised.
It is worth noting that prior to the public announcement of DSIC’s newbuilding order, Arcadia had historically placed orders only with shipyards under South Korea’s HD Hyundai and Samsung Heavy Industries. This shift indicates that Chinese shipbuilders have won the shipowner’s favor through their technical advantages, order backlog, and other factors.
According to its official website, Arcadia’s fleet currently operates nine oil tankers, including seven Suezmax tankers and two Aframax tankers, with delivery dates ranging from 2007 to 2026; all vessels fly the Greek flag. The shipowner’s most recent newbuild was the Suezmax tanker “Aegean Miracle,” built by HD Hyundai Samho, which is the final vessel in a series of three ships constructed under the partnership between the two companies.