Greek Shipowners Ordered 14 New Vessels
Investors are deploying high current freight earnings to secure new tanker and energy carrier capacity for 2028 and 2029.
Updated on Sept. 21, 2026 in Oil and Gas
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Greek shipowners have commissioned 14 new vessels, including LNG and ammonia carriers, to be built across Chinese and South Korean shipyards. This expansion into both traditional tanker and emerging energy transport markets reflects a strategic reinvestment of current high freight earnings.
Why it matters
By placing orders for delivery between 2028 and 2029, these operators are betting on sustained demand in the energy sector while locking in future fleet capacity. The strategy signals an effort to modernize fleets and capitalize on high current market rates before these new assets reach the water.
The order includes $1.05 billion for four LNG carriers at a unit price of $263 million, alongside tankers and VLACs. These investments coincide with significant asset appreciation, where five-year-old VLCCs are currently valued at $161 million.
The players
Hengli
A major Chinese shipyard handling the construction of two VLCCs and six VLAC ammonia carriers.
Samsung Heavy Industries
A leading South Korean shipbuilder contracted to construct four LNG carriers.
New Times
A Chinese shipbuilding firm tasked with building one Suezmax and one LR1 tanker.
The details
Operators are utilizing cash flows from high current freight earnings to fund construction contracts with shipyards including Hengli, New Times, and Samsung Heavy Industries. The order encompasses diverse asset classes: two VLCCs, one Suezmax, one LR1, four LNG carriers, and six VLAC ammonia carriers. This split allows shipowners to balance exposure between traditional crude transport and the growing demand for cleaner energy commodities.
Timeline
October 2026: Charter for the vessel DHT Panther is scheduled to commence.
2028: Deliveries of the new vessel orders are scheduled to begin.
2029: Final deliveries of the new vessel orders are scheduled to be completed.
Market Landscape
This investment follows the current trend of inflated secondary market pricing, where 10-year-old VLCCs have seen their values jump by 74.4%. By pivoting to newbuilds, these operators are opting to secure long-term capacity rather than acquiring aging, high-premium tonnage.
Operators should monitor whether the surge in newbuild orders creates future overcapacity risks for the tanker market by 2029. Firms currently operating older vessels should review their asset depreciation schedules in light of the high secondary market values for five- to ten-year-old ships.
The takeaway
The move demonstrates how to leverage record-high freight earnings to de-risk future operations by diversifying into emerging energy transport. Monitor the 2028-2029 delivery window for potential supply-side impacts on global spot rates.
Further reading
For more on fleet management and capital investment strategies, see Oil and Gas.
Source note: This article includes information reported by Protothemanews.
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