Greek shipowner Dynacom Tankers continues its pursuit of newbuildings with the addition of suezmax tankers to its large orderbook.
The George Procopiou-backed company has now ordered a pair of suezmaxes to be delivered in 2027 at one of its favoured shipbuilders.
Shipbuilding sources said Dynacom has commissioned privately owned New Times Shipbuilding for the two conventional-fuelled 155,000-dwt crude carriers.
It is not known if the contract includes any option ships.
The price of the scrubber-fitted and LNG-ready crude tanker newbuildings has yet to emerge.
Shipbuilding brokers believe Dynacom will pay over $83m each for the duo.
Officials at New Times were not available for comment at the time of writing.
New Times is one of Dynacom’s favourite shipyards in China. The Greek shipowner helped the yard break into the large tanker segment in the 2000s.
It first contracted four suezmaxes in 2006 and followed that up with a deal for four VLCCs in 2010.
The last time Dynacom ordered suezmaxes at New Times was in 2020 when it signed up for five vessels for a reported price of $55m apiece. The quintet was delivered in 2022.
Dynacom’s latest pair of suezmaxes lifts the total number of newbuildings it has on order at the Chinese yard to 14.
The earlier 12 newbuildings were booked last year and are split between VLCCs and 75,000-dwt product carriers.
Clarksons’ Shipping Intelligence Network says the orderbook for suezmax tankers stands at 63, of which 56 were contracted last year and six in 2022.
Despite the surge in suezmax orders last year, prices for the ship type have only risen by about 6% to $85m per ship since the start of 2023.
Broking shop SSY said the strong demand for suezmaxes comes from the changing trade patterns brought on by Russia’s invasion of Ukraine.
Importers of Russian crude oil and refined products have had to source alternative supplies following the conflict.
The shift largely benefits suezmaxes and aframaxes as Europe’s crude oil requirements are fulfilled by Atlantic-based and Middle Eastern suppliers instead.
Procopiou has built up a large orderbook of 62 tanker, bulker and LNG carrier newbuildings. The orders comprise six VLCCs, 16 LR2s, 10 LNG carriers, eight LR1 and 22 kamsarmaxes from bulker company Sea Traders.
The Greek owner is calculated to have ordered 30 newbuildings at Chinese yards last year, with a combined value of more than $2bn. All the vessels will be conventionally fuelled.
Procopiou believes in a gradual transition towards net zero and advocates for efficient conventionally fuelled ships instead of more promising but still experimental technologies.
Based in Jiangsu province, New Times is targeting to deliver 31 vessels of 3.9m dwt and steel cutting for 28 newbuildings this year.
