Japanese trading house Mitsui & Co is believed to have ordered four 50,000-dwt tankers at Hyundai Vietnam Shipbuilding to be delivered by the second half of 2025.
Shipbuilding sources said Mitsui & Co was the unnamed “African” shipping company behind the order of four MR newbuildings that Korea Shipbuilding & Offshore Engineering announced early this week.
The South Korean shipbuilding group disclosed that two “African” shipping companies had ordered newbuildings with a total value of KRW 525bn ($378m). One buyer placed an order for four LNG dual-fuelled, 1,400-teu container ships plus an option for two additional vessels, while the other company signed up for four MR tankers.
Shipping sources familiar with Mitsui believe the trading house has ordered the quartet on behalf of a Japanese owner.
“Mitsui & Co is close to Japan’s privately owned shipping companies such as Nissen Kaiun, Doun Kisen, Meiji Shipping and many others,” said one shipping source.
The shipbuilding price of the 50,000-dwt product carrier was not disclosed but brokers suggested it to be about $42m per ship.
Mitsui’s deal is believed to be the second Japanese newbuilding contract for Hyundai Vietnam this year.
In July, Japan’s largest privately owned Nissen Kaiun was reported to have ordered four similar size product carriers at the shipyard for delivery between September and December 2024.
Nissen Kaiun was reported to have paid $42.5m each for the MRs, which will be powered by conventional fuel and will comply with the Energy Efficiency Design Index’s phase 3 standards.
Hyundai Vietnam is a sister shipyard of Hyundai Mipo Dockyard. A former ship repair and conversion yard, Hyundai Vietnam was transformed into a shipbuilding yard in 2008 during the market boom. The company is reputed as an MR tanker specialist but it expanded its product offering by adding aframax tankers and LR2s to its building portfolio in June of last year.
Clarksons’ Shipping Intelligence Network lists Hyundai Vietnam with an orderbook of 38 newbuildings, made up of 12 aframaxes, four ultramax bulk carriers and MR tankers.
Companies that have MR tankers on order at Hyundai Vietnam include Pan Ocean, Capital Maritime, Thenamaris, Asiatic Lloyd and Helikon Shipping Enterprise, Sumitomo and Ocean Gold Tankers.
