Greek players continue making countercyclical moves in the tanker market, piling on newbuilding tonnage at Far Eastern yards.
Ancora Investment Trust homed in on an MR newbuilding option dropped by an unidentified shipping company in Vietnam. At the same time, Chandris (Hellas) and Pleiades Shipping Agents exercised options for aframax-size ships in South Korea.
The moves are characteristic of a firm belief among companies in Athens and Piraeus that tanker markets will eventually rebound from sluggish freight rates and that uncertainty about future environmental standards will not affect the profitability of ships currently under construction.
Optimists may have taken heart from a decision by the Opec+ cartel this month to raise crude production. The surprise move was interpreted as a sign that petroleum producers are becoming more confident in a rebound in oil demand.
Such optimism seems to have been behind Ancora's move to acquire an MR newbuilding at Hyundai Vietnam Shipbuilding, formerly known as Hyundai Vinashin.
According to Greek ship management sources, Ancora spent $33m on the acquisition of the 40,000-dwt newbuilding there with Hull No 496.
The shallow-draught ship is due for delivery in June 2022 and will be employed in the specialised Mediterranean trades in which Ancora is active.
As TradeWinds reported last month, Greek peer Thenamaris ordered four bigger, 50,000-dwt MR tankers at the same yard.
Ancora, a company controlled by the Vernicos and Paraschis families, is a specialist in MR1 product tankers, of which it manages 11, according to its website.
The company has been a busy player on the sale-and-purchase market. Its foray into newbuildings, however, has been much rarer. Ancora ordered about 10 ships, mostly small product carriers but three MRs as well, at the beginning of the century.
Optional moves
Another couple of Greek players exercised options for bigger oil carriers at Daehan Shipbuilding.
Just a few weeks after breaking an eight-year hiatus in tanker ordering, traditional owner Chandris (Hellas) exercised an option for a second LR2 newbuilding at the South Korean yard.
The aframax-size ship is due to be delivered in the fourth quarter of 2022, according to shipbuilding sources and US-based brokers.
Managers at Chandris (Hellas) did not respond to a request for comment.
These are Chandris’ first orders at Daehan. The Greek company is believed to be paying about $50m each for the conventional-fuelled vessels, as it finalised the deal for the first firm ship at the end of last year, just before shipyards began raising their prices.
Daehan has built up an order backlog of more than 20 tankers in recent months, largely with Greek shipowners such as Pleiades, Minerva Marine, Sun Enterprises, Tsakos Group and Neda Maritime.
Pleiades placed its first aframax order at Daehan last summer. It has steadily stepped up its orderbook since to a total of four vessels after exercising yet another option for a 115,000-dwt ship, shipbuilding sources said.
Pleiades managers did not respond to a request for comment, but IHS Markit already lists the latest newbuilding as Hull No 5073 and due for delivery in January 2023.
The Peraticos-family controlled outfit probably considers this the right moment to renew its fleet.
Pleiades raised about $44m around the turn of the year after selling to Greek peers a pair of 10-year-old aframaxes — the 105,300-dwt Pamisos and Kalamas (both built 2011).
The company’s fleet renewal may also include two older panamax tankers. Pleiades last month deleted from its website the 61,300-dwt sisterships Voidomatis and Nestos (both built 2005).
Brokers assume the two ships were sold. They have been renamed Delsa and Vilma and vessel trackers show them currently berthed in Cuba.
Non-Greek players have been far less enthusiastic about ordering oil carriers lately.
"In the tanker [newbuilding] market it was another uninspiring week, with no fresh business being noted as of late,” Athens-based Allied Shipbrokers said in a research note on 5 April.
Freight rates have improved but are "still unconvincing" for newbuildings, the analysts said, adding that "deeply hurt sentiment" among owners will likely continue to weigh on newbuilding activity over the coming weeks as well.
Even those willing to order might find it difficult to find berths. Tanker newbuilding capacity is constrained after a swathe of orders for large bulkers and containerships, where markets have been faring much better.
