Procopiou’s Dynacom in for up to eight Chinese VLCC newbuilds

Procopiou’s Dynacom in for up to eight Chinese VLCC newbuilds

George Procopiou’s Dynacom Tankers Management is following the lead of other Greek tycoons in tying up deals for very low priced VLCC newbuilds. Brokers report a letter of intent (LoI) has been signed with China’s New Times Shipbuilding for four firm VLCCs and four options. The 300,000 dwt tankers are priced at $77m each and are scheduled for delivery in 2019 and 2020.

Procopiou follows hot on the heels of other Greek shipping magnates rushing to Asian yards to bag low priced VLCC newbuild bargains. Both John Angelicoussis and George Economou have signed for VLCCs in the past four weeks.

Last week another owner, Hyundai Merchant Marine of South Korea, also signed an LoI for five firm VLCCs and five options to be built on home soil.

 

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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1 Comment

  1. Paul Mazz
    April 19, 2017 at 12:22 pm

    is this the same George who less than a month ago was imploring owners to exercise restraint, and not order any more newbuildings in the dry sector, simply because rates have gone up a bit?