Leading Greek shipowner Thenamaris is said to be returning to Shanghai Waigaoqiao Shipbuilding (SWS) for the first time in a decade for newbuildings that will be built at the recently resuscitated Shanghai Shipyard.
The company is set to order up to three 115,000-dwt product tankers for delivery in the first half of 2025.
Several shipbuilding sources said Thenamaris is firming up an order for two LR2s plus one option.
“The Greek owner has inked a letter of intent with the shipyard,” said one source. “We understand an official newbuilding contract will be signed soon.”
The last time Thenamaris ordered newbuildings at SWS in 2013, it contracted capesize bulk carriers.
Sources said the owner has returned to the shipbuilder because it was attracted by the early delivery dates on offer by Shanghai Shipyard, which SWS has revived.
Sources said the trio will be powered by conventional fuel but will have hybrid scrubbers.
They added that Thenamaris is paying $63.5m each.
“The company has forked out an additional $2m per ship as they are of high specification vessels,” said one source.
SWS officials were not available for comment at the time of publication.
If Thenamaris firms up the deal, it will be its first newbuilding contract in 2023.
Last year, the owner entered two newbuilding deals with South Korea’s Hyundai Mipo Dockyard (HMD), ordering four ultramax bulkers and two LR2s. They will be constructed by HMD’s sister yard Hyundai Vietnam Shipbuilding.
According to Clarksons’ Shipping Intelligence Network, Hyundai Vietnam will deliver the 115,000-dwt product carriers in February and May 2025. As for the 63,000-dwt bulkers, two are slated to be delivered in the final quarter of 2024 and one in the first quarter of 2025.
Newbuildings are not the only way in which Thenamaris renews its fleet. It has also been active as a buyer of modern tankers in the secondhand market.
It recently emerged as the owner of the 108,500-dwt Southern Rouse (renamed Sealoyalty, built 2018) — a tanker that reportedly changed hands in December 2022 for $62m.
Much of the funding for this fleet renewal probably comes from a wide-ranging sale campaign of older tankers, as Thenamaris takes advantage of a surge in asset prices.
Since March 2022, the Nikolas Martinos-led company is confirmed to have offloaded 15 ageing tankers for total proceeds of $300m, based on TradeWinds’ analysis of broker reports and ship registry data.
Adding the as-yet unconfirmed sales of two VLCCs, the 318,700-dwt Seaking (built 2005) and 306,500-dwt Seahero (built 2006) would boost Thenamaris’ ship sales to 17, and ship sale proceeds to more than $400m.
The company has also sold a bulker, the 75,600-dwt Seawind (renamed Ikaria, built 2006), to clients India’s Gatik Ship Management, which has also picked up several of its tankers.
Thenamaris managers declined to comment on any of the above information.
