The family of Greek owner George Procopiou has inked a fresh, unusually large batch of up to 14 newbuildings just a few months after taking delivery of the last tankers he ordered three years ago.
Several market sources in Athens and London say that Procopiou’s Dynacom Tankers Management has signed up for 10 firm and four optional LR2 product carriers at DSIC Shanhaiguan Shipbuilding Industry Co — a subsidiary of Dalian Shipbuilding Industry Co (DSIC).
The yard is also where Dynacom made its last known tanker order for the 300,000-dwt scrubber-fitted VLCCs Alexandros and Adamantios (both built 2022).
The 10 firm product tankers Procopiou is ordering now are also fitted with scrubbers. However, no dual-fuelling is envisaged for them, with the Greek owner paying between $61m and $63m per ship and delivery spread through 2025 and 2026.
Managers at Dynacom confirmed ordering 10 product tankers, plus several options. However, they declined to disclose any details due to confidentiality reasons.
George Procopiou and his four daughters, who all have an equal stake in the business, are avowed fans of Chinese shipyards.
At about the same time Dynacom placed its VLCC newbuilding orders at DSIC in 2020, it also ordered a batch of up to five 163,000-dwt suezmaxes at New Times Shipbuilding.
New Times delivered four of these suezmaxes, all equipped with scrubbers, in the first half of last year.
Chinese finance plays a large role in Procopiou’s Chinese moves.
According to data in the S&P Global International Ships Register, the family’s VLCCs and suezmaxes have been financed with the help of ICBC Financial Leasing.
When it comes to the current batch of product tankers, market sources are suspecting that a non-Chinese fund is involved in their financing.
The existence of a fund may explain the unusually large size of the order.
One broker expressed his surprise, describing the order as “bonkers”. He said it is rare to see a single owner plumping for 10 firm vessels in one hit.
Before opting to further its relationship with DSIC with this product tankers order, the Procopiou clan was also said to have discussed requirements with Jiangsu Hantong Wing Heavy Industry Co.
Despite newbuilding prices inching upwards, appetite for new tanker tonnage has been increasing, particularly amid Greek owners.
Clarksons reported on 21 April that its Newbuilding Price Index rose to its highest level since early 2009.
Within that interest, strategies diverge.
While Procopiou and fellow Greek owner George Economou stick to conventionally fuelled newbuildings, players such as Maria Angelicoussis and Evangelos Marinakis are exploring LNG dual-fuelled ones.
As TradeWinds reported, their two companies, Maran Tankers and Capital Maritime, are in the process of inking up to 16 such vessels at New Times.
