Eyal Ofer’s Zodiac Maritime is said to have splashed out more than $120m on product tanker newbuildings.
The UK-based shipowner has struck a deal with Yangzijiang Shipbuilding in China for two 114,000-dwt aframaxes.
One shipbuilding insider said the deal marked the first cooperation between the Ofer-led company and Yangzijiang.
“Given the large and multi-segment presence of both the shipbuilder and the shipowner, [this project] could be seen as the potential beginning of a strategic cooperation,” said the shipbuilding insider.
Officials at Yangzijiang declined to comment on the yard’s newbuilding activities, citing contract confidentiality. Zodiac does not comment on its moves in the market.
A market source said Zodiac is paying in the low $60ms for each of the scrubber-fitted eco-friendly LR2 tankers. The vessels will meet International Maritime Organization’s Tier III NOx standards and the Energy Efficiency Design Index Phase 3 specifications and be equipped with energy-saving devices.
The source said Zodiac is the first shipping company to contract Yangzijiang to build LR2 tankers. The Jiangsu-based shipbuilder is scheduled to deliver the pair during the third quarter of 2025.
Zodiac has been active in the shipbuilding market in the last few years, ordering container ships, pure car/truck carriers and VLGCs. Clarksons’ Shipping Intelligence Network shows the company has 27 newbuildings on order including the pair of LR2 tankers at Yangzijiang.
The company has eight LNG dual-fuelled 7,000-ceu car carrier newbuildings under construction at CIMC Raffles Offshore Engineering, 14 neo-panamax container ships and three 91,000-cbm VLGCs being built at Daewoo Shipbuilding & Marine Engineering. The new ships will be delivered between this year and the end of 2025.
There has been a dash in orders for aframax product carrier newbuildings at Chinese shipyards. Hong Kong’s TCC Group, which has not ordered newbuildings for the last five years, ended the order drought by signing up for two LR2s at Shanghai Waigaoqiao Shipbuilding.
Greek shipowner Dynacom Tankers Management has ordered 10 firm vessels plus options for an additional four ships at DSIC Shanhaiguan Shipbuilding Industry Co — a subsidiary of Dalian Shipbuilding Industry Co.
Other shipping companies that have ordered the ship type included Eastern Pacific Shipping, Union Maritime, Euronav, John Fredriksen’s Seatankers, Maran Tankers and Capital Maritime.
