Avin International has become the sixth Greek company to jump onboard the suezmax newbuilding bandwagon this year.
The Vardinoyiannis family-controlled tanker outfit is said to have splashed out more than $120m on a pair of 158,000-dwt crude carrier newbuildings, to be delivered in early 2021.
According to industry sources, Avin has commissioned South Korea’s Hyundai Heavy Industries to build the two suezmax tankers.
The vessels, which are said to be costing more than $60m apiece, will be built to IMO Tier III emissions standards and equipped with scrubbers. The deal does not include any options.
HHI declined to comment on the order, citing contract confidentiality. Avin did not respond to requests for comment.
Back to building
Avin is the sixth Greek shipping company to order suezmax tanker newbuildings this year, according to Clarksons' Shipping Intelligence Network.
The others were Samos Steamship, Kyklades Maritime, Enesel, Maran Tankers and Tsakos Energy Navigation.
Shipbuilding observers believe Avin has inked the suezmax pair to replace some of its older ships. According to Clarksons, Avin controls eight suezmax tankers that were built between 1994 and 2004.
Avin’s order at HHI marks the company’s return to the shipbuilding market after an absence of seven years.
Avin’s order at HHI marks the company’s return to the shipbuilding market after an absence of seven years
According to VesselsValue, the last time Avin booked newbuildings was in 2012 when it signed up for two 1,750-teu feeder containerships at China’s Zhejiang Ouhua Shipbuilding. It sold the boxship newbuildings to X-Press Feeders in Singapore in 2014.
Ship sales
Avin is a relatively active player in the sale-and-purchase market.
On the sales front, the company sold two Japanese-built, MR product tankers in recent months: the 46,000-dwt Kriti Rock (built 1999) went to an undisclosed buyer for $6m in April, while the 47,000-dwt Vera Cruz (built 1999) was offloaded for $6.2m in March.
In a move to renew its product tanker fleet, it bought the Shin Kurushima Dockyard-built, 46,000-dwt Ariake Maru (built 2008) from Asahi Tanker in April. However, the purchase price was not disclosed.
Last year, the Greek owner acquired six secondhand tankers, consisting of one LR2, three suezmaxes and two aframax tankers.
Established in 1977, Avin controls a fleet of 37 tankers ranging from small chemical carriers to suezmaxes.
