Traditional London Greek outfit CM Lemos has returned to one of its favourite Japanese yards to order suezmax newbuildings for its already modern fleet.
CM Lemos’ Greek management affiliate Nereus Shipping revealed on its website that it has ordered three 158,600-dwt crude tankers due for delivery in 2027.
Managers contacted by TradeWinds specified that the order was at Japan Marine United’s Tsu shipyard.
The ships, Hull Nos S5177, S5178 and S5179, will be conventionally fuelled and equipped with scrubbers.
CM Lemos has had a long relationship with the Japanese builder. Four suezmaxes ordered there at the end of 2016 are already sailing in its fleet.
In the meantime, CM Lemos had turned to Hyundai Samho Heavy Industries in South Korea for a pair of suezmaxes ordered in 2020 and delivered two years later.
Its return to JMU comes in the wake of a few other Greek suezmax orders at the yard, which is now cooperating with Imabari Shipbuilding as part of Nihon Shipyard.
In 2023, Kyklades Maritime, Ionic Shipping and Alberta Shipmanagement booked five suezmaxes between them at JMU yards.
CM Lemos has not disclosed price details for its latest trio.
Clarksons estimates current average suezmax newbuilding prices at $90m. Not adjusted for inflation, this is the highest level since January 2009.
Juicy fixtures
TradeWinds understands that CM Lemos is not ordering the ships on the back of pre-arranged charters.
History, however, suggests that the low-profile player is always able to gainfully employ its suezmaxes with oil majors.
Clarksons reported in May that Norway’s Equinor agreed to fix CM Lemos’ 159,100-dwt Patriotic (built 2019) for two years at $42,000 per day.
A few months earlier, Seasure said that Spanish refiner Repsol took on the 158,600-dwt Runner (built 2017) for three years at $37,000 per day.
In March 2023, it was reportedly the turn of trader Phillips 66 to fix the 159,200-dwt Rhythmic (built 2019) for one year at $50,000 per day.
Once delivered, CM Lemos’ newly ordered suezmaxes will bring the size of its Nereus-managed fleet to 20 vessels — 13 suezmaxes and four LR2 product tankers, as well as two capesize bulkers and a kamsarmax.
That includes three LR2s under construction at Hyundai Vietnam, which will be delivered next year.
None of its tankers on the water were built before 2016, and the company has proved that it is not averse to offloading ships of that age when offered attractive prices for them.
Repeat customer
One recurring buyer of its secondhand ships has been Nordic American Tankers.
TradeWinds reported in October 2023 how the US-listed company spent $72m on CM Lemos’ 158,600-dwt Cherokee (renamed Nordic Hawk, built 2016).
This was not Nordic American’s first acquisition from the Greek company. In May 2016, it bought four CM Lemos suezmaxes, built between 2000 and 2004, in a $106m en-bloc deal.
