Since October, the private Chinese shipbuilder Jiangsu New Hantong Ship Heavy Industry has been active in the newbuilding market, announcing over 10 new vessel projects—primarily tankers and bulk carriers. The latest orders are linked to a Greek shipowning group controlled by the Papadimitriou family.
According to market reports, the Greek shipping company Liquimar Tankers has placed an order with Jiangsu New Hantong Ship Heavy Industry for three 157,000 DWT Suezmax tankers. With a price tag of no more than $86 million per vessel, the total value for the three vessels is capped at $258 million. The vessels will be powered by conventional fuel and are scheduled for delivery in the second half of 2030.
This Suezmax order is significant: it marks Liquimar Tankers’ first newbuilding order in approximately 20 years, as well as the company’s first direct shipbuilding contract with a Chinese shipyard. Historically, Liquimar Tankers has relied on South Korean shipyards; this shift toward a Chinese yard represents a notable change in the company’s shipbuilding strategy.
Meanwhile, this order for Suezmax tankers represents a key component of Liquimar Tankers’ fleet renewal program. According to its official website, the company currently operates five vessels—all built by South Korean shipyards—comprising three Suezmax tankers and two Aframax tankers. Constructed between 2007 and 2011, these vessels are at least 15 years old, underscoring an urgent need for fleet renewal.
Reports indicate that Liquimar Tankers has sold two of its three active Suezmax tankers to the Dubai-based oil trader Onex DMCC. The vessels, named “Orpheas” and “Evridiki”—each with a deadweight tonnage of 160,300—were sold for approximately $68 million apiece.
It is worth noting that the three Suezmax tankers recently contracted to Jiangsu New Hantong Ship Heavy Industry are not the first vessels in the Liquimar Tankers fleet to be built by a Chinese shipyard.
Liquimar Tankers has recently taken delivery of the 113,500 DWT Aframax/LR2 tanker “Priamos” from Hengli Heavy Industries. The vessel was not ordered directly by Liquimar Tankers; rather, it was acquired through a resale agreement for a newbuild with Capital Maritime & Trading Corp, making it the first Chinese-built ship to join the Liquimar Tankers fleet.
According to publicly available information, Liquimar Tankers was founded in 1990 and is currently controlled by the Papadimitriou family. In recent years, Liquimar Tankers has virtually disappeared from the newbuild tanker market; the “Priamos,” recently delivered by Hengli Heavy Industry, marks the first newbuild the company has taken delivery of in 15 years, and it has not yet been included in the fleet data on its official website.
For the shipbuilder, this new order from Liquimar Tankers will further bolster the order backlog of Jiangsu New Hantong Ship Heavy Industry. Including this latest deal, Hantong Ship Heavy Industry has announced three shipbuilding contracts so far in October, totaling 11 new vessels. The other two contracts consist of six 74,000 DWT LR1 product tankers for Dubai-based Emarat Maritime, and two 211,000 DWT bulk carriers for Taiwan-based U-Ming Marine Transport.