Four Consecutive Orders! Private Shipbuilding Giant Secures Another Major Tanker Deal from Greek Shipowner

Greek shipping company Akrotiri Tankers has resumed fleet expansion by placing its first order for a Suezmax tanker with New Times Shipbuilding.

According to TradeWinds, Akrotiri Tankers recently signed contracts with New Times Shipbuilding for one 157,000-dwt Suezmax crude oil tanker and one 73,000-dwt LR1 product tanker, both of which are scheduled for delivery in 2029; the specific prices have not been disclosed.

For reference, Clarkson’s data show that the current newbuilding price for a 156,000–158,000-dwt Suezmax tanker is approximately US$87 million (about RMB 593 million), essentially unchanged from the same period last year; meanwhile, the newbuilding price for a 73,000–75,000-dwt LR1 product tanker stands at around US$60.5 million, up about 2% from US$59 million in the corresponding period last year.

Including the latest order, Akrotiri Tankers’ total number of newbuilds on order from New Times Shipbuilding has now risen to four. Previously, in November last year, the company placed its first order with New Times Shipbuilding for two LR1-type tankers, which are scheduled for delivery in the second half of 2028 or early 2029.

Akrotiri Tankers is a newly established shipping company founded in 2024. Since its inception, it has been actively expanding its presence in the LR1 product tanker market, having already invested approximately USD 80 million to acquire three LR1 product tankers built between 2008 and 2010. The company’s latest order from Xinfu Shipbuilding, however, marks its first entry into the Suezmax tanker market.

According to available information, New Era Shipbuilding was founded in 1971 and is a large private enterprise integrating ship design and construction. It was the first local shipyard in China to build a 10,000-ton vessel (in 1996) and the first private shipyard in the country to construct a large LNG dual-fuel-powered vessel (in 2019). New Era Shipbuilding is a leading player in the oil tanker construction sector. The shipyard primarily builds medium- and large-sized bulk carriers, oil tankers, container ships, and various types of chemical tankers. Its independently developed and built oil and chemical tankers are renowned throughout the industry for having the largest variety of hull forms, the most comprehensive product series, and outstanding cost-effectiveness.

With the global shipbuilding market rebounding and order volumes on the rise, New Era Shipbuilding plans to invest RMB 5 billion in a smart manufacturing project for new-energy vessels. The initiative includes the construction of intelligent manufacturing workshops and other facilities, as well as the renovation of existing paint shops and smart production lines. A key component of the project is the development of a 700-meter-long ultra-large dry dock capable of simultaneously accommodating two VLCCs under construction, as well as two VLCC half-hull sections side by side. This marks New Era Shipbuilding’s largest expansion project in recent years; upon completion, the shipyard will operate four dry docks.

In 2025, the first phase of New Era Shipbuilding’s “Smart Manufacturing Project for New-Energy Vessels” advanced at a rapid pace, with 24 new intelligent production lines commissioned. Concurrent technological upgrades and production operations enabled the company to achieve the “New Era Shipbuilding Speed” of “construction in the same year and trial production in the same year.” The ship delivery capacity was further enhanced, with annual steel processing volume increasing by 23% and segment output exceeding planned targets. Moreover, multiple vessel types set new records for the shortest dock time and the shortest on-quay outfitting cycle. Throughout the year, a total of 32 vessels were delivered, while both the order backlog and sales revenue posted year-on-year growth of over 20% for the fourth consecutive year.

Excluding the most recent orders, Clarkson’s data show that, as of now, New Times Shipbuilding holds a total of 168 vessels amounting to 25.53 million deadweight tons, including 8 bulk carriers, 90 oil tankers, and 70 container ships, with delivery schedules extending through 2030.