Greece’s Chemnav Shipmanagement is said to have returned to South Korea’s K Shipbuilding to ink “a silent option” on a 50,000-dwt product carrier newbuilding.
Shipbuilding sources said the Paul Coronis-led company signed the contract early this year.
The deal lifts the total number of newbuildings that Chemnav has on order at the yard to three. The earlier two — also MR tankers — were ordered in June last year.
One shipping source said Chemnav’s latest order was “a silent option” for a third ship in a series of three.
The price has yet to emerge but the company’s earlier vessels were reported to cost about $47m each.
Sources said each of the newbuildings would be fitted with scrubbers and they are lined up for delivery in 2025. The tankers are methanol and LNG-ready.
Officials at K Shipbuilding declined to comment on the shipyard’s newbuilding activities, citing contract confidentiality. Chemnav has been approached for comment.
Chemnav was established in 2006 and is a sister company to PrimeBulk Shipmanagement.
The three MR tankers are the company’s first newbuildings for 17 years, according to VesselsValue.
Its last contract was placed in 2003 for 13,000-dwt chemical tankers at Sekwang Heavy Industries.
Chemnav has been active in the secondhand tanker market, according to the online database.
It acquired 10 vessels between 2020 and March last year: two handysize and two handymax product tankers, two LR1s, one LR2, one aframax crude carrier and two suezmax tankers.
Secondhand market
In November, it sold the Chinese-built 73,500-dwt Lara (built 2004) to an unnamed buyer.
S&P Global’s IHS Markit database shows the panamax product tanker was renamed Lara II and the ship is owned by Liya Shipping in Turkey.
Chemnav bought the LR1 tanker in May 2022 for about $15m. VesselsValue estimates the current value of the ship at $18.29m.
Chemnav’s single tanker contract is believed to be the first newbuilding deal for K Shipbuilding in 2024.
The Chinhae-based yard has 30 newbuildings on its orderbook, according to Clarksons’ Shipping Intelligence Network.
Shipping companies with orders at the yard include International Seaways, Advantage Tankers, Sea Pioneer Shipping and Al Seer Marine among others.
