Greek shipowner George Procopiou has ended a 17-year order drought for LR1 product tanker newbuildings by signing up a double order in China.
Shipbuilding sources said Procopiou’s Dynacom Tankers Management placed the order for the 75,000-dwt pair at “tanker newcomer” Yangzijiang Shipbuilding instead of its two favourite Chinese shipyards, Dalian Shipbuilding Industry Co (DSIC) and New Times Shipbuilding
Singapore-listed Yangzijiang is China’s largest privately owned shipyard and is best known as a container ship and bulk carrier builder. However, it has diversified its product portfolio over the last two years by accepting orders for tankers, gas carriers and high-specification vessels.
Dynacom was said to have opted to have the two tankers fitted with engines that will burn conventional marine fuel.
The company is said to be paying around $53m each for the panamax product carriers and is scheduled to take delivery of the duo in 2026.
Officials at Yangzijiang declined to comment on the deal, citing contract confidentiality.
Dynacom is believed to be the third Greek company to have ordered LR1 tanker newbuildings at Yangzijiang. The other two are Evalend Shipping and Metrostar Management.
Kriton Lendoudis’ Evalend has six tankers on order at the yard, while Theodore Angelopoulos-led Metrostar has two.
This latest order by Dynacom lifts the total number of tanker newbuildings that the company has placed at Chinese shipyards since April to 20 vessels, representing a combined value of $1.56bn. All will be conventionally fuelled.
Included in the tanker order spree are 10 aframax product tankers at DSIC Shanhaiguan Shipbuilding Industry Co, a subsidiary of DSIC, two 115,000-dwt LR2 product tankers at New Times, and six VLCCs — four 320,000-dwt vessels at New Times and two 307,000-dwt vessels at DSIC.
On the dry bulk side, Procopiou’s bulker company Sea Traders has 22 kamsarmax bulker newbuildings worth $786m on order at Chinese shipbuilders CSSC Huangpu Wenchong Shipbuilding, Hengli Heavy Industry (the former STX Dalian Shipbuilding) and Qingdao Yangfan Shipbuilding, also known as Qingdao Shipyard.
Clarksons’ Shipping Intelligence Network lists Dynacom as owning 10 LR1 tankers built between 2008 and 2009.
