Singapore’s Pax Ocean Group has revealed a major new offshore ship order as the sector continues to make a newbuilding comeback.
The company, part of Kuok Maritime Group, said it will build up to 10 “state-of-the-art” multipurpose service vessels (MPSVs) for an unnamed leading Greek shipowner.
Pax Ocean said: “This ground-breaking agreement marks a significant milestone for both companies, ushering in a new era of collaboration.”
The 5,000-dwt MPSVs will have DP2 dynamic positioning and be built at Pax Ocean’s yard in Zhoushan, China.
Deliveries are scheduled from the third quarter of 2026 onwards. No price has been revealed.
Designed by Salt Ship Design of Norway, the ships will stand out for their modern design and exceptional fuel efficiency, setting a new benchmark in the industry, Pax Ocean said.
“We are excited to construct these innovative vessels, which will contribute to the advancement and efficiency of offshore operations,” it added.
Greek tycoon Evangelos Marinakis signed the offshore sector’s biggest newbuilding deal in a decade in China in June.
His new Capital Offshore venture booked on up to eight platform supply vessels at Fujian Mawei Shipbuilding.
The deal includes four optional units.
But TradeWinds understands Capital is not behind the Pax Ocean order.
Two more vessels added
Last week, Norway’s Breeze Ship Design said it had been chosen to design two multipurpose supply vessels (MPSVs) for the company at the same shipyard.
The MPSVs will be 4,700 dwt.
The Z 4423 design is an 88-metre unit with battery hybrid propulsion, 1,000 square metres of work deck and accommodation for 60 people.
Brokers have estimated a new PSV as costing between $40m and $50m. The Marinakis deal is possibly towards the lower end of that range due to the size of the order.
Capital Offshore had quietly built up a fleet of six PSVs from Norway’s Standard Supply before placing its newbuilding order.
Another Greek owner linked to a move into offshore is Costamare.
Last year, brokers suggested Costamare was involved in the sale of the Vestland Offshore-controlled PSVs the 4,900-dwt Vestland Artemis and 5,500-dwt Solvik Supplier (both built 2011), as well as JJ Ugland’s 5,300-dwt Evita II (built 2012).
But Costamare told TradeWinds at the time that the vessels had not been acquired by the listed company or any of its subsidiaries.
The transaction was described as a complex one and the exact structure is not known.
It is possible private interests linked to Costamare’s controlling Konstantakopoulos family could be behind the move.
Costamare declined to comment on the latest order.
