JHI Steamship, a Greek shipowner led by John Inglessis, has made its formal entry into the MR2 product tanker segment by placing an order for two new vessels with a South Korean shipbuilder.
According to international media reports, JHI Steamship has ordered two 50,000 DWT MR2 product tankers from K Shipbuilding—a mid-sized South Korean shipyard—with delivery expected in the first quarter of 2029.
This marks the second newbuild order placed by JHI Steamship with K Shipbuilding. Previously, the two parties signed a contract for the construction of 115,000 DWT Aframax/LR2 tankers—comprising a firm order for two vessels plus an option for one additional unit—with deliveries scheduled to take place through 2028. According to the fleet list on the company’s official website, the option for the third Aframax/LR2 tanker has since been exercised; the three vessels are designated with hull numbers 1659, 1660, and 1661.
Over the past year, JHI Steamship has been particularly active in the newbuilding market, with a focus on the tanker sector. The company currently holds orders for nine new vessels, comprising three Aframax/LR2 tankers and two MR2 product tankers from K Shipbuilding; two 157,000 DWT Suezmax tankers from HD Hyundai Samho; one Very Large Crude Carrier (VLCC) from Hanwha Ocean; and one Aframax/LR2 tanker from Imabari Shipbuilding. These vessels are scheduled for delivery between 2027 and 2029.
According to the JHI Steamship website, the company currently operates 14 oil tankers and 7 bulk carriers, including vessels under construction. Two MR2 product tankers being built by K Shipbuilding are not yet included in the fleet list on JHI Steamship’s website.
It is understood that John Inglessis, founder of JHI Steamship, previously co-led the long-established shipping firm Samos Steamship alongside his cousin, Anthony Inglessis. The two later parted ways, each establishing his own shipping company—John Inglessis taking the helm at JHI Steamship, and Anthony Inglessis at Carlova Maritime.
The order for two MR2 product tankers placed with K Shipbuilding marks JHI Steamship’s entry into this specific tanker segment—a market sector in which Samos Steamship had previously operated vessels of this size.
The newbuild market for MR2 product tankers has been particularly active this year. According to data from shipbroker Xclusiv Shipbrokers, as of late October, global shipowners had placed orders for 190 MR2 product tankers—making it the most sought-after vessel type within the tanker sector, surpassing the 176 orders placed for VLCCs.
Based on data from BRS Shipbrokers, the ratio of orders for MR2 product tankers to the fleet size is approximately 16 percent; within the existing fleet, vessels aged 15 to 19 years account for the largest share, representing over 22 percent of active capacity; and the average age of the fleet is 12.5 years.