George Procopiou’s appetite for newbuildings continues unabated, even though he has spent more than $1.5bn ordering a slew of tankers and bulkers in the past four months.
The Greek shipowner’s Dynacom Tankers Management, which recently ordered four VLCCs at New Times Shipbuilding in China, will be stacking its huge orderbook with two more vessels.
Shipbuilding sources following Dynacom’s newbuilding activities said it made a provisional order for a pair of 320,000-dwt crude carriers at state-owned Dalian Shipbuilding Industry Co (DSIC) several weeks ago.
They said the Greek company will sign the official contract imminently.
Officials at DSIC were not available for comment.
Sources said Dynacom is paying DSIC around $115m each for the conventionally fuelled, scrubber-fitted tankers. The China State Shipbuilding Co (CSSC)-controlled shipyard is scheduled to deliver one vessel at the end of 2026 and the other in the first quarter of 2027.
Last month, TradeWinds reported that Dynacom was in discussions with privately owned New Times for four conventionally fuelled 320,000-dwt crude carriers, said to cost around $115m each.
Sources said Dynacom has signed the New Times contract and is scheduled to take delivery of the quartet between late 2026 and 2027.
Dynacom kicked off its order spree in April by contracting DSIC Shanhaiguan Shipbuilding Industry Co — a DSIC subsidiary — to build 10 scrubber-fitted aframax product tankers, scheduled for delivery in 2025 and 2026.
It was reported to have paid between $61m and $63m apiece.
Brokers said Dynacom still holds four options at DSIC Shanhaiguan.
“We believed Procopiou will exercise these option vessels,” said a Shanghai broker.
Dynacom also has two 115,000-dwt LR2 crude carriers booked at New Times Shipbuilding to be delivered in 2026. It ordered them last month.
The price of the aframax tankers was not disclosed but brokers believe they will cost around $61.5m each.
On Tuesday, Procopiou bulker company Sea Traders put pen to paper on an order for 10 kamsarmaxes at reborn Hengli Heavy Industry (the former STX Dalian Shipbuilding).
The wide-beam 82,000-dwt bulkers were reported to cost about $35m each and are due for delivery between 2025 and 2027.
Brokers expect Procopiou to add eight more kamsarmaxes to its orderbook. The shipowner is said to be in advanced talks with CSSC Huangpu Wenchong Shipbuilding for the 85,000-dwt octet, envisaged to cost about $37m each.
Brokers describe Procopiou as one of the most valued Greek shipowners by the Chinese shipbuilding industry. They said Chinese leasing companies are hungry to finance new deals and believe they will be keen to work on Dynacom’s newbuildings.
