Suezmaxes Proving Still popular with Greek Owners

The demand for new tanker ships among Greek shipping companies continues to be strong, especially in the suezmax category.

Cardiff Marine, led by George Economou, along with Spiros Polemis's Polembros Shipping, have placed orders for new vessels in China, with Cardiff Marine ordering two and Polembros Shipping one, each vessel having a deadweight tonnage (DWT) of 157,000.

Broker sources in Greece report that Cardiff Marine has placed an order with Jiangsu New Hantong Shipyard for two suezmax tankers equipped with scrubbers, at a cost of $83 million per ship, with an expected delivery in 2026.

Polembros Shipping, on the other hand, has secured a deal for a scrubber-equipped, LNG-ready tanker at New Times Shipbuilding, set for early delivery in 2025. This follows a previous order for two similar vessels at the same shipyard last year, though the price for the latest order has not been disclosed.

These recent acquisitions come on the heels of George Procopiou's Dynacom securing an agreement with New Times Shipbuilding for two suezmax vessels, also priced at $83 million each, with delivery scheduled for 2027.

Additionally, other Greek shipowners are investing in smaller tanker newbuilds. Latsco Shipping has ordered four Long Range 2 (LR2) tankers from Hyundai Vietnam, each costing $70 million and slated for delivery in 2027, while Chemnav has placed an order for a 50,000 DWT tanker, capable of running on methanol and LNG, with K Shipbuilding in South Korea.