Following Yangzijiang Shipbuilding and Hengli Heavy Industries, Jiangsu-based private shipbuilding giant New Times Shipbuilding will become the third private shipbuilder in China’s shipbuilding history to enter the ultra-large liquefied gas carrier market.
According to market reports, the emerging Greek tanker owner Akrotiri Tankers has placed an order with New Times Shipbuilding for two 93,000 m³ Very Large Ammonia Carriers (VLACs). Scheduled for delivery in 2029, the contract price has not been disclosed. If confirmed, this would represent a highly significant new shipbuilding contract.
For New Times Shipbuilding, the contract to build two VLACs marks the company’s official entry into the gas carrier construction sector; it also makes the firm the third private Chinese shipbuilder—following Yangzijiang Shipbuilding and Hengli Heavy Industries—to break into the market for ultra-large liquefied gas carriers.
Currently, the primary vessel types being built in this new era are concentrated in the three major commercial shipping sectors: container ships, bulk carriers, and oil tankers. The order for two high-end gas carriers marks a pivotal step for the shipbuilder in expanding its business scope and advancing into the market for high-value-added vessels.
For Akrotiri Tankers, this order marks a strategic move beyond the product tanker sector—its core focus since inception—into the gas carrier market for the first time, while simultaneously deepening its partnership with New Times Shipbuilding. The shipowner initially concentrated on operating LR1 product tankers; its very first newbuilding contract—placed in November 2025 for two 75,000 DWT LR1 product tankers—was awarded to New Times Shipbuilding.
Earlier this year, Akrotiri Tankers began expanding into the large crude oil tanker sector, again commissioning New Times Shipbuilding to construct its first Suezmax tanker (157,000 DWT). With the addition of the two recently announced VLACs, the shipowner now has a total of five new vessels across three different types on order at New Times Shipbuilding, with deliveries scheduled to begin in 2028.
According to reports, Akrotiri Tankers was founded in 2025 by Marielena Procopiou and her husband, Konstantinos Lampsias, and currently operates three LR1 product tankers. All of the shipowner’s publicly announced newbuilding projects have been awarded to New Times Shipbuilding, which has close ties to Marielena Procopiou’s father.
Reports indicate that Marielena Procopiou is the daughter of Greek shipping magnate George Procopiou. As the holder of the world’s largest orderbook for oil tankers, George Procopiou regards New Times Shipbuilding as a preferred shipyard. Its tanker company, Dynacom Tankers, has collaborated with the yard to build dozens of vessels. Against this backdrop, Akrotiri Tankers has chosen to follow in the family’s footsteps by continuing to place orders with New Times Shipbuilding.
New Times Shipbuilding’s primary products include medium-to-large conventional and LNG dual-fuel bulk carriers, oil/chemical tankers, and container ships—such as 50,000 DWT chemical tankers, 325,000 DWT VLOCs, 320,000 DWT VLCCs, 110,000/158,000 DWT oil tankers, 210,000 DWT bulk carriers, and container ships ranging from 7,000 to 18,600 TEU—as well as high-tech, eco-friendly vessels and LNG Type-B and Type-C fuel tanks.
Over the past two years, New Times Shipbuilding has adjusted its order-taking strategy to focus primarily on oil tankers and container ships. It holds an orderbook exceeding 150 vessels, with delivery schedules extending to 2030. Currently, New Times Shipbuilding has ranked among the top three in China and the top ten globally among individual shipyards in the shipbuilding industry for several consecutive years in terms of key indicators such as annual ship completions, new orders, and order backlog.