Akrotiri Tankers, a new Greek tanker owner, continues to expand its presence in the Suezmax tanker segment and has placed an additional order for a new vessel with its trusted private Chinese shipbuilder.
According to shipbroker Bancosta, Akrotiri Tankers has placed an additional order with New Times Shipbuilding for one 157,000 DWT Suezmax tanker. Priced at approximately US$84.4 million, the vessel is scheduled for delivery in June 2029, bringing the shipowner’s total orderbook for Suezmax tankers at New Times Shipbuilding to two vessels.
Akrotiri Tankers and New Times Shipbuilding share a long-standing collaborative relationship in the newbuilding market. New Times Shipbuilding secured the shipowner’s inaugural newbuilding contract—comprising two 75,000 DWT LR1 product tankers—at a cost of approximately US$59 million per vessel, with delivery expected by the end of 2028.
Earlier this year, Akrotiri Tankers began expanding into the large crude oil tanker segment, placing its first order for a 157,000 DWT Suezmax tanker with New Times Shipbuilding. With the latest newbuild project now disclosed, the shipowner has ordered a total of two Suezmax tankers from New Times Shipbuilding, both scheduled for delivery in 2029.
As Akrotiri Tankers expands its business scope beyond the oil tanker market into the gas carrier sector, its partnership with New Times Shipbuilding has deepened accordingly. Reports recently emerged that the shipowner has placed an order with New Times Shipbuilding for two 93,000-cubic-meter Very Large Ammonia Carriers (VLACs), with delivery expected in 2029.
If confirmed, this order would not only represent a landmark contract marking Akrotiri Tankers’ entry into the gas carrier sector; more importantly, it would position New Times Shipbuilding as the third private Chinese shipbuilder—following Yangzijiang Shipbuilding and Hengli Heavy Industries—to break into the construction of very large gas carriers, marking a pivotal step in the company’s move toward building high-end gas carriers.
All of Akrotiri Tankers’ recently announced new shipbuilding projects have been awarded to New Times Shipbuilding. This decision stems from the fact that Marielena Procopiou—a co-founder of Akrotiri Tankers and daughter of Greek shipping magnate George Procopiou—follows in her father’s footsteps; regarding New Times Shipbuilding as a preferred yard for tankers, the company has chosen to continue placing orders with New Times Shipbuilding.
Data indicates that New Times Shipbuilding is a leading private shipbuilding enterprise in China, boasting a site area of approximately 2.5 million square meters and a 3,200-meter waterfront. Its facilities include four dry docks (with capacities of 100,000, 300,000, and 500,000 deadweight tonnes), three large outfitting quays, and supporting infrastructure such as intelligent block fabrication workshops and intelligent assembly and welding workshops for large-diameter ship piping. Over the past two years, the company has shifted its order strategy to focus primarily on oil tankers and container ships; it currently holds an orderbook exceeding 150 vessels, with delivery schedules extending through 2030.