Two ships worth 1.2 billion! Greek shipowner secures first deal in China in a decade

Greek shipping company Thenamaris has returned to the Suezmax tanker newbuild market, securing its first order in a decade from Waigaoqiao Shipbuilding.

According to TradeWinds, Thenamaris has placed an order with Waigaoqiao Shipbuilding for two 158,000-dwt Suezmax crude oil tankers, which will be equipped with desulfurization systems. The new vessels are scheduled for delivery in early 2028. Each ship is estimated to cost around $81 million, bringing the total contract value for the two vessels to $162 million—equivalent to approximately RMB 1.154 billion.

For reference, Clarkson data shows that the current price of a newbuild Aframax tanker with a deadweight tonnage of 156,000 to 158,000 tons is approximately US$85 million, representing a roughly 5% decrease compared to US$90 million during the same period last year.

Industry insiders say Thatemaris initially approached South Korean shipbuilders, but ultimately decided to place its order with Waigaoqiao Shipbuilding due to the shipyard's ability to offer an earlier delivery date and a more competitive price. Notably, the South Korean shipbuilder had reportedly quoted over $84 million per vessel at the time.

Waigaoqiao Shipbuilding is no stranger to Thenamaris. In 2023, the company ordered six LR2-type product tankers from Waigaoqiao Shipbuilding, and these new vessels were delivered and put into operation this year, each costing approximately $63.5 million.

The latest order marks Thenamaris' first-ever construction of Suezmax tankers in the past decade. Notably, the last time Thenamaris ordered a Suezmax vessel was back in 2015, when it contracted HD Hyundai Samho in South Korea to build two 158,600-dwt Suezmax crude oil tankers at a cost of roughly $65 million each. These two ships were delivered in 2018 and named "Seavision" and "Seaviolet," respectively.

According to data from the company’s official website, Thenamaris currently operates a fleet of 91 vessels, including 51 oil tankers, 24 bulk carriers, 8 LNG carriers, 6 LPG vessels, and 2 container ships. Notably, all 7 of the company’s existing Suezmax crude oil tankers were built by South Korean shipbuilders.

Since the beginning of this year, strong freight rates have fueled robust demand for new Suezmax crude oil tanker orders. According to Clarkson data, global orders for new Suezmax tankers have already reached 50 vessels so far this year, surpassing last year's total of 47 ships. Meanwhile, the share of Suezmax vessels currently on order relative to the existing fleet remains at 19.57%, still below the 20% mark.

Ralph Leszczynski, Head of Research at Banchero Costa, stated that among the 613 existing Suezmax crude oil tankers globally, 20% are over 20 years old, 22% are between 15 and 19 years old, and vessels younger than 5 years account for only 14%.

According to Clarkson data, excluding the latest order from Thenamaris, Waigaoqiao Shipbuilding currently holds orders for a total of 79 vessels, totaling 10.29 million deadweight tons. These include 46 container ships, 20 oil tankers, 10 car carriers, 1 cruise ship, and 2 floating production storage and offloading (FPSO) vessels, with delivery schedules extending as far as 2029.