Greek shipowners order 14 new vessels worth over $1.05 billion

Greek shipowners have placed orders for 14 new vessels, representing an investment exceeding $1.05 billion. The orders, scheduled for delivery in 2028 and 2029, include conventional tankers, LNG carriers, and ammonia carriers.

The vessel package consists of two 306,000-dwt VLCCs, one 157,000-dwt Suezmax, one 73,000-dwt LR1, four large LNG carriers with 200,000 cubic meter capacities, and six VLAC ammonia carriers with 93,000 cubic meter capacities.

Construction contracts have been distributed across several international shipyards. China’s Hengli shipyard will build the two VLCCs and six VLACs, while the Suezmax and LR1 will be constructed at New Times. The four LNG carriers were contracted at South Korea’s Samsung Heavy Industries at a reported price of $263 million per vessel.

This surge in investment coincides with a period of high earnings in the large-tanker market. Spot market rates for VLCCs on the Middle East–China route have exceeded $1 million per day, driven by disruptions near the Strait of Hormuz that have impacted tanker availability and trade flows.