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Greeks back in Korea for tanker orders

Greek owners are back in South Korea with tanker orders. Hyundai Heavy Industries has won orders for four 300,000 dwt VLCCs from two owners worth a total of $360m.

Splash can reveal the owners are Kyklades Maritime and Central Mare. All the ships will be fitted with scrubbers and are set for delivery in the first half of 2022.

VLCC orders have been thin on the ground this year. Broking house Lorentzen & Stemoco noted earlier this week that the ratio of VLCC newbuildings to existing ships is only just above 7%, a historically low level.

“With the prospect of roughly the same number of vessels being 20 years and older sold for scrapping, the VLCC fleet is practically configured for no growth in demand, if capacity utilization is to remain unaltered. Should ton-mile demand increase, that would directly impact on the tonnage balance and be borne out in higher vessel freight rates,” Lorentzen & Stemoco stated in a note to clients.

In other Greek tanker ordering news in Korea, brokers report Pantheon Tankers is paying Samung Heavy Industries $55.5m per unit for two 157,000 dwt suezmaxes. The ships will deliver in the second quarter of 2022.

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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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