New Times Shipbuilding has secured suezmax orders from two European shipowners, in business that could earn it $364m if all options are exercised.
In the bigger of the two deals, J Ludwig Mowinckels Rederi has placed its first order in nearly a decade with a contract worth a potential $208m at the Chinese yard.
The Norwegian shipowner has ordered two firm 158,000-dwt suezmaxes, with options for two more, shipbuilding market sources said.
Meanwhile, Greece’s Pantheon Tankers Management has commissioned up to three tankers of the same size in a deal that could be worth $156m.
Conventional tankers
The latest deals mean that in the suezmax space alone, New Times has scooped $639m in contracts for 12 ships, including options, this year.
Sources said the Mowinckels vessels are scheduled for delivery in 2022.
New Times officials and Mowinckels chief executive Geir Belsnes declined to comment.
The Bergen-based shipowner is said to have opted for conventional tankers worth around $52m each.
Sources believe Mowinckels probably has partners on the project, which is a common approach for the outfit.
Mowinckels project partner?
Some claim that Norway’s Viken Shipping has partnered Mowinckels on the New Times order. The two companies have a long history of cooperation, and the last time Mowinckels was known to have been involved in an order, it was in tandem with Viken to order a suezmax at Samsung Heavy Industries in South Korea.
The two shipowners remain 50:50 partners in that ship, the 159,000-dwt Vinga (built 2012).
Viken chairman Hans Olav Lindal did not reply to requests for comment on talk of the partnership.
In the second deal to emerge at New Times, Pantheon has ordered a 158,000-dwt crude carrier, with options to build up to two more, according to shipbuilding sources.
They said the Athens company has opted for scrubber-free conventional tankers. It is said to be paying $52m each for the ships, to be constructed to the IMO’s Tier III emissions standards. Delivery of the firm vessel is slated for 2022.
Deal done last week
“The contract was only signed last week,” a market source said.
New Times executives declined to disclose their shipyard’s business activities. Pantheon’s website does not list the suezmax newbuildings, and the company did not immediately respond to a request for comment.
Pantheon controls a fleet of 30 tankers on the water, plus three newbuildings, according to Clarksons, not including a recently exercised aframax option. In the suezmax arena, it has eight vessels with an average age of 11 years, of which three were built in 2004.
The suezmax orders by Pantheon and Mowinckels are not the first for New Times.
George Procopiou’s Dynacom Tankers Management signed up for five vessels early this year.
Jiangsu-based New Times is the most active tanker builder among privately owned shipyards in China.
It was the only Chinese yard to compete with South Korea’s Hyundai Heavy Industries, Samsung Heavy Industries and Daehan Shipbuilding for Sonangol’s recent tender for a series of suezmax newbuildings. HHI ultimately won that deal.
Orderbook of 54 ships
Clarksons’ Shipping Intelligence Network lists New Times with an orderbook of 54 newbuildings, consisting of MR tankers, aframaxes, LR2s, suezmaxes, newcastlemax bulkers and VLOCs.
It is building VLOCs for South Korea’s Pan Ocean, as well as 210,000-dwt bulkers for Polaris Shipping, 2020 Bulkers, the Fredriksen group and H-Line Shipping.
In tankers, it is constructing a series of 50,000-dwt product carriers for Shandong Shipping, which has ordered them on the back of long-term charters from Shell.
Harry Papachristou and Eric Martin contributed to this story
