Greece’s Atlas Maritime has put its recent strong tanker earnings to good use, having invested in up to four suezmax newbuilds.
According to shipbroker Allied, the Leon Patitsas-led company has returned to South Korean yard DH Shipbuilding for two firm and two optional 158,000 dwt ships worth around $84m each. The scrubber-fitted units should deliver in 2025 and 2026.
The latest investment marks Atlas’ move into the larger tanker segment after previously ordering aframaxes at the same shipyard. DH Shipbuilding, formerly Daehan Shipbuilding, has four more 115,000 dwt units to deliver to Atlas between 2024 and 2025. The company also has three car carriers booked at Yantai Raffles.
Atlas achieved several lucrative asset plays in the vibrant tanker market in previous months, accumulating enough cash to invest in fleet renewal and expansion. Together with its partner European Maritime Finance (EMF) of Denmark, the company offloaded two aframax newbuilds (pictured) for $77.5m each after ordering them for around $46m apiece. This was followed by the sale of the 2007-built aframax Dakota Strength for a very firm $39.5m after purchasing the vessel in 2019 for $21.25m.
