Pistiolis doubles down on VLCC newbuilds

Evangelos Pistiolis-led Central Group has returned to South Korea for more VLCC newbuilds.

Greek brokers Intermodal report the Greek owner has added another four scrubber-fitted 300,000 dwt units at Hyundai Heavy Industries (HHI). This order doubles the owner’s orderbook at HHI to eight VLCCs with the price of the new units being estimated at around $90m each. Delivery is slated for 2023.

Despite dire current rates, there has been a slew of VLCC newbuilds contracted over the past month, predominantly in South Korea.

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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