George Economou has emerged with twice as many newcastlemax bulkers under construction in China than previously thought.
TradeWinds reported in June that the Greek owner had stacked up orders for a quartet of 210,000-dwt bulkers at Cosco Shipping Heavy Industry (Yangzhou).
Brokers in Greece and the US, however, said last month that Economou had contracted another four identical vessels at the state-owned yard.
Usually reliable shipping data platforms such as S&P Global and Clarksons, have now confirmed that order, listing the Greek owner’s TMS Dry outfit with eight newcastlemax newbuildings at Cosco Yangzhou.
S&P Global and Clarksons feature the more recently ordered newbuildings as Hull Nos N1189, 1190, 1191 and 1192. The first quartet, known about since last summer, are Hull Nos N1169, 1170, 1173 and 1174.
All eight ships are to be powered by conventional fuels and equipped with scrubbers. Their delivery dates range between December 2025 and April 2027.
The exact timing of the latest order and its pricing remain unclear.
When TradeWinds reported about the first batch of vessels at the end of June, brokers suggested that TMS Dry had agreed to pay more than $64m apiece.
According to brokers, the second batch of vessels had a higher price tag of about $67m each.
This is in line with an appreciation in newbuilding prices, which — alongside regulatory uncertainty — has made several players reluctant to ink orders.
Shipowners, including those like Economou who continue to contract new tonnage, are likely encouraged by the scarcity of new orders in the market.
The orderbook for large bulkers of over 100,000 dwt represents just 5.2% of the active fleet, marking the lowest quarterly figure on record in a time series tracked by Clarksons since 1996.
This is below an orderbook ratio of 8.1% for the bulk fleet in general (see graph).
Betting big on conventional-fuelled newbuildings
Economou’s activities have extended beyond ordering modern newcastlemaxes; he has also been actively acquiring them in the secondhand market.
TradeWinds reported late in March about the owner being linked to a $126m acquisition of two such vessels from US-based Mangrove Partners.
That information has since been confirmed, with the 208,200-dwt MP The Vinatieri and MP The Harrison (both built 2021) joining TMS Dry as the Voutakos and Lalaria, respectively.
These additions brought Economou’s existing newcastlemax fleet on the water to nine ships.
The Greek owner’s newcastlemax newbuildings are part of a wider newbuilding strategy. Like other major Greek owners, notably George Procopiou, Economou is betting on conventionally fuelled bulkers as a transitional step towards zero-carbon ships.
TradeWinds reported earlier this year on several newbuilding projects that the Greek owner secured or engaged in discussions about with Chinese shipyards.
Clarksons and VesselsValue attribute 33 newbuildings to the Greek owner, with an estimated total market value of more than $3.3bn. That includes seven LNG carriers under construction in South Korea.
Not all these ships will be net fleet additions.
Like other peers, Economou is taking advantage of rising tanker prices to offload some of his older tankers.
TradeWinds reported last month about TMS Tankers raising about $81m in total from the sale of the 50,000-dwt MR sister ships Lacerta and Bora Bora (both built 2016). Brokers reported the pair as sold to Turkish interests.
According to S&P Global data, however, the Lacerta has emerged since as Vasily Lanovoy in the fleet of TransStroy — a Russian outfit that describes itself on its website as a construction company.
