Barely a week from signing up for four ultramax bulk carrier newbuildings at Hyundai Vietnam Shipbuilding, Greek shipowner Thenamaris is said to have ordered two tankers at the same shipyard.
Market sources said the Nikolas Martinos-led company has inked two 115,000-dwt aframax product carriers at Hyundai Vietnam — the sister shipyard of Hyundai Mipo Dockyard (HMD).
Thenamaris, a company with a fleet of about 100 tankers, bulkers, gas carriers and boxships, is said to be paying $62.5m each for the LR2 newbuildings and is scheduled to take delivery of them in 2025.
Based on the price of the LR2 newbuildings, brokers estimate the tankers will be powered by conventional fuel.
Shipyard officials declined to comment on Thenamaris’ newbuilding order, citing contract confidentiality. The shipowner did not immediately reply to emails seeking confirmation.
Thenamaris has been a client of HMD for a long time. Last week, the South Korean shipyard ended a three-year bulker drought after receiving an order for four ultramax newbuildings from the Greek owner.
Thenamaris was reported to be paying $36.5m each for the bulk carriers, which will meet the International Maritime Organization’s Tier III NOx standards.
Hyundai Vietnam has been assigned to build the 63,000-dwt bulk carriers and is scheduled to deliver them between mid-2024 and the first quarter of 2025.
The ultramaxes that Thenamaris ordered at HMD were said to be around 12% more expensive than similar vessels at Chinese yards, but lower than the $40m that Japanese shipbuilders are seeking.
CMB Financial Leasing recently concluded a deal for a series of four 63,000-dwt bulkers at New Dayang Shipbuilding in China at a price of $32.5m each.
Sources said Thenamaris, an old client of HMD, is paying a higher price due to the early delivery dates the shipyard offered.
Besides the LR2 and ultramax bulker newbuildings, Thenamaris also has four 50,000-dwt MR product tankers under construction at Hyundai Vietnam. They were ordered early last year at a reported price of $36m apiece and are scheduled to be delivered this year.
Thenamaris also has two 82,000-dwt kamsarmax bulkers booked at Sino-Japanese yard Nantong Cosco KHI Ship Engineering in China for delivery in the first half of 2023. The pair was reported to cost about $27m each.
Shipbuilding sources said the last bulker order that Hyundai Vietnam signed was in 2019. It was contracted by Piraeus-based Atlantic Bulk Carriers to build two 61,000-dwt ships. The duo — Desert Pioneer and Desert Seeker — was delivered in January and March this year.
