Greek container ship and bulker owner Cape Shipping is said to be making a return to tankers by signing newbuilding orders worth more than $400m.
Shipbuilding sources and brokers following Cape’s activities said the Greek owner is splashing out on LR1s, aframax product carriers and suezmaxes at yards in China.
The Andrianopoulos family-controlled company — which exited the tanker business decades ago — is said to have struck a deal with state-owned Shanghai Waigaoqiao Shipbuilding (SWS) for two 115,000-dwt LR2 tankers and two 158,000-dwt crude carriers.
It is also finalising a contract with Singapore-listed Yangzijiang Shipbuilding for two 74,000-dwt product tankers.
News of Cape re-entering the market was broken by TradeWinds in December when the company signed a provisional contract for a pair of LR2 tanker newbuildings at SWS.
“Cape Shipping officially inked the two LR2 tankers contract last year,” one shipbuilding source said. “It added the two suezmax newbuildings at SWS just before Chinese New Year in February.”
Sources said Cape had signed a letter of intent for the two panamax product carriers at Yangzijiang and the official newbuildings contract would be signed soon.
Officials at SWS and Yangzijiang declined to comment on their shipyard’s newbuilding activities, citing contract confidentiality. Cape was contacted but did not respond.
Cape is believed to be paying about $66m each for the LR2s and about $84m apiece for the suezmaxes. These conventional-fuelled tankers will be fitted with scrubbers.
‘Temporary expansion plan’
SWS is scheduled to deliver the 115,000-dwt product carriers in September 2025 and January 2026. The larger crude carriers are slated to be delivered between late 2026 and the first quarter of 2027.
Shipbuilding sources believe one of Cape’s aframax product tankers will be constructed at Jiangsu Hantong Wing Heavy Industry — a yard that belongs to Jiangsu Hantong Group.
SWS has rented Hantong’s facility as part of its “temporary expansion plan” to cope with the global rise in newbuilding activities. The lease expires at the end of next year.
As for the 74,000-dwt LR1 tankers, brokers believe the vessels will cost Cape about $54m each. Yangzijiang is likely to deliver the duo in 2027.
Cape’s website states that its fleet consists of five bulkers and 11 container ships.
But Clarksons’ Shipping Intelligence Network shows it has seven bulkers, including the 169,200-dwt Cape Pylos and Cape Astra (both built 2009).
Ship masters
S&P Global’s IHS Markit database shows Cape acquired the two capsize bulkers from John Fredriksen’s Golden Ocean in May for $23m each.
Cape’s history stretches back to the 19th century when its principals’ ancestors were ship masters and owners on the Aegean island of Kasos.
In 1960, they set up Tropis Shipping as their shipbroker in London.
Activities were centralised in Athens when Cape was founded in the Greek capital in 1987.
The company’s website says it has previously managed VLCCs.
