Capital Maritime & Trading Corp. orders 11 VLCC newbuildings in China

Greek shipping magnate Evangelos Marinakis is accelerating his VLCC fleet expansion, with Capital Maritime and Trading placing an order for 11 very large crude carriers at China’s Hengli Heavy Industry, according to Splash 247 . The deal strengthens Capital’s position in the crude tanker market and underscores growing cooperation between Greek owners and Chinese shipyards.

 

The contracts form part of a broader agreement covering 15 VLCCs of 306,000 DWT, disclosed by Songfa Ceramics, the parent company of the Dalian-based builder. The total value of the 15-ship package stands between $1.7bn and $2bn.

 

Companies linked to Marinakis will take 11 vessels, while four units are allocated to another European owner whose identity has not been revealed. Based on current market pricing, Capital’s share of the order is estimated at about $1.4bn.

 

The ships are expected to be contracted through single-purpose entities managed under Capital Ship Management.

 

VLCC newbuildings have become a focal point in this shipbuilding cycle. Owners continue to show strong interest in large crude carriers amid solid charter earnings, an ageing global tanker fleet and earlier waves of secondhand acquisitions across the sector.

 

Picture: Jonathan Boonzaier