K Shipbuilding’s order for two 50,000 dwt MR product tankers takes effect

Greek shipping company Sea Pioneer Shipping has confirmed the construction of two 50,000 dwt MR product tankers at mid-sized Korean shipyard K Shipbuilding ((formerly STX Offshore & Shipbuilding).

The order is an option order for 2+2 50,000 dwt MR product tankers signed between the two parties in November 2023 at a cost of $45 million each, shipbuilding industry sources said. With the option order in effect, the total order value for the four new shipbuildings is $180 million.

The first 2 product tankers are expected to be delivered in 2025 and the latest two product tankers are expected to be delivered in 2027 or 2028. The new shipbuildings all use conventional fuels and are equipped with desulphurization units.

Recently, K Shipbuilding has received several orders for product tankers. On April 25, K Shipbuilding announced the contracts with two international shipping companies for the construction of four product tankers in two types, including two 50,000 dwt MR product tankers and two 75,000 dwt LR1 product tankers, all of which are LNG-ready and can be converted to use LNG. The two LR1 product tankers are from the New York-listed tanker owner International Seaways.

In addition to the four MR product tankers mentioned above, Sea Pioneer has also ordered three 81,800 dwt Kamsarmax-bulk carriers from Oshima Shipbuilding in Japan, with an order value of $114 million, and the new shipbuildings are scheduled for delivery in the third and fourth quarters of 2025.

Currently, Sea Pioneer’s active fleet consists of 13 vessels, including seven bulk carriers and six tankers.

Yangzijiang Shipbuilding

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