Evangelos Marinakis dives in to book VLCC trio at Hanwha Ocean as yard prices weaken

20 March 2025 11:02 GMT Updated 20 March 2025 11:46 GMT
By Lucy Hine in London

Evangelos Marinakis-controlled Capital Group has booked up to three VLCC newbuildings worth $375m in total at Hanwha Ocean in South Korea.

Brokers said the letter of intent, which is understood to have been signed through Hanwha Ocean’s Athens office, is for two firm 320,000-dwt scrubber-fitted VLCCs for delivery dates in 2027. It also includes an option for another single vessel.

They said the vessels are copies of a design booked by DHT Holdings at Hanwha Ocean a year ago.

Clarksons’ Shipping Intelligence Network lists the newbuilding price on the DHT VLCCs as $128.1m per vessel.

Marinakis appears to have achieved a $3m discounted price compared with Capital’s vessels.

The Greek shipowning colossus contracted six dual-fuel LNG VLCC newbuildings in China in the second quarter of 2024.

The 307,000-dwt vessels, which are being constructed at DSIC-managed CSSC Tianjin Shipbuilding, are priced at about $140m each and are scheduled for delivery in 2026 and 2027.

Brokers are commenting that the newbuilding market is exceptionally quiet.

Prices were already under some downward pressure at the beginning of this year, several highlighted.

But market players are also pointing to the “Trump effect” and the US’ proposed $1m port fee on Chinese-owned vessels and a levy of up to $1.5m on operators using Chinese tonnage, as exacerbating the situation and making independent owners hesitant about moving forward on business.

SIN details that there are more than 90 VLCC newbuildings on order for delivery dates up to 2028.