Market sources report that Greek shipowner Leon Shipping & Trading has placed an order with Guangdong COSCO Shipping Heavy Industry for two 50,000 DWT MR product tankers, with hull numbers 1350 and 1351, respectively. The vessels are expected to be delivered in March and August 2029. The construction cost of the newbuilds has not yet been disclosed.
Shipbrokers estimate the current market price for a 50,000 DWT MR product tanker to be approximately $52.9 million per vessel. Based on this, the total value of the two newbuilds at COSCO Shipping Heavy Industry (Guangdong) is estimated to exceed $100 million.
Including the latest orders, COSCO Shipping Heavy Industry (Guangdong) has announced a total of 6 new shipbuilding contracts this year—all for 50,000 DWT MR product tankers. The other 4 vessels were ordered by Greek companies Pantheon Tankers (2 ships) and Thenamaris (2 ships). All 6 vessels are scheduled for delivery in 2029.
In addition to expanding into the newbuild market, Leon Shipping & Trading is selling off its older vessels. According to reports, the shipowner has sold the “Leon Wisdom,” a 50,000 DWT MR product tanker built in 2008, to Union Maritime for $26 million—$2 million above VesselsValue’s valuation of $24 million. Its sister ship, the “Leon Grace,” has been sold to a UAE-based shipowner and has been renamed the “Bella Sky” for $23.5 million.
It is worth noting that the two vessels sold by Leon Shipping & Trading were not originally built for the company; rather, they were acquired earlier this year on the secondhand market for a total of $32 million. This implies that the resale has generated approximately $17.5 million in proceeds for the shipowner.
According to available information, Athens-based Leon Shipping & Trading focuses primarily on MR product tankers and has not yet ventured into the dry bulk or container shipping sectors.