Enesel leads the Greek charge for cheap Korean VLCC newbuilds

Greek shipowners are hurrying to South Korea to take advantage of incredibly low prices for VLCC newbuildings.

Enesel is leading the charge, placing a firm order for two 300,000 dwt VLCCs at Hyundai Heavy Industries (HHI) for delivery in the second half of next year. Enesel has tapped HHI to build five VLCCs in the past, while another HHI yard, Hyundai Samho has also built a VLCC pair for the Athens-based owner.

Splash understands a host of other Greek owners are readying VLCC orders in the coming weeks.

Brokers Intermodal note in their most recent weekly report that VLCC newbuilding prices have dropped 13% since February last year.

Clarkson Research suggests owners can now snap up a VLCC in South Korea for as little as $79m.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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