After more than a decade out of the tanker market, Greek bulk and container ship owner Cape Shipping is expanding its fleet with newbuilds.
Cape Shipping has placed orders with Yangzijiang Shipbuilding Group and Dalian Shipbuilding Industry Corporation(DSIC), a subsidiary of China State Shipbuilding Corporation (CSSC), for a total of four new product tankers in two types, including two 74,000 dwt LR1 product tankers and two 115,000 dwt LR2 product tankers, according to Trade Winds.
Two 74,000 dwt LR1 product tankers will be built by Yangzijiang Shipbuilding, sources said. In March this year, the industry has already reported that Cape Shipping and Yangzijiang Shipbuilding signed a letter of intent (LOI) for the construction of two 74,000 dwt LR1 product tankers, which are expected to be delivered in 2027, with a unit cost of about $54 million and a total value of about $108 million (about RMB 784 million). It was reported at the time that the two sides would soon sign a formal shipbuilding contract.
This month, Yangzijiang Shipbuilding also signed a contract with multinational company Mercuria for two 74,000 dwt product tankers, adopting traditional fuels, with an order value of about $112 million and a unit cost of about $56 million, which is expected to be delivered in 2027.
The 2 LR2 tankers will be built by DSIC. Referring to the two 115,000 dwt LR2/Aframax tankers that Shanghai Waigaoqiao Shipbuilding (SWS) received from Cape Shipping in March this year, DSIC’s unit shipbuilding cost may be around $66 million, and based on this calculation, the total value is around $132 million (about RMB 958 million).
In addition to the LR2/Aframax tankers, Cape Shipping has also placed an order for two 158,000 dwt Suezmax tankers at SWS.
