Serial shipyard customer Metrostar Management Corp has struck again, returning to a familiar yard for at least one more newbuilding.
Shipbuilding and broking sources in Asia and Greece are reporting that the Athens-based company inked an order for one 115,000-dwt LR2 tanker at Hyundai Vietnam Shipbuilding.
Metrostar owner Theodore Angelopoulos is said to be paying $67.5m for the fully coated vessel, with delivery scheduled in 2026. Some Athens brokers suggest there is an option for a further sister ship attached to the contract.
Managers at the Athens-based company did not respond to a request for comment.
The company’s website does not yet feature any such newbuilding. However, S&P Global’s online ship reference information platform has the vessel as Hull No S560.
Metrostar has another three LR2s under construction at the same yard — Hull Nos 525, 526 and 527, which are due for delivery in 2024.
These vessels, which the company inked between March and July last year, cost between $63m and $64m each. These three confirmed newbuildings are not known to be equipped with scrubbers.
Fleet player
Metrostar is a frequent shipyard customer.
According to its website, the company has inked 83 newbuilding contracts since its inception in 1996, predominantly at “first-class shipyards in South Korea and Japan”.
Last month, TradeWinds reported that the company was turning to a Chinese yard, Yangzijiang Shipbuilding, signing letters of intent there to build two pairs each of LR1 and LR2 tankers.
That move came amid a flash sale of 12 slots vacated by Yangzijiang after losing to rivals to build a series of large container ships.
Metrostar did not respond to a request for comment about the potential Yangzijiang orders.
Metrostar is known to be ordering, buying and selling entire fleets, depending on market conditions. According to its website, it has carried out 214 ship transactions since its inception, separately from the 83 newbuildings it has ordered over the same period.
Its current fleet on the water comprises two suezmaxes built at New Times Shipbuilding and two aframaxes and one LR2 built at DS Shipbuilding.
Metrostar’s fleet of five tankers is very modern, with construction times between 2018 and 2021.
Irene Ang contributed to this story.
