Last month, it was reported that the Greek king George Economou was in talks with two Chinese shipbuilders – Zhoushan Changhong International and Hengli Heavy Industries to order up to 10 container ships. According to the latest market news, the shipowner has already made a decision.
It is reported that in order to expand its container business, George Economou has reached an agreement with Zhoushan Changhong International through its TMS Group to order 6 LNG dual-fuel 11,400 TEU container ships with 4 option container ships of the same type. The price of a single ship is estimated at US$140 million, and if all 10 ships come into effect, the total value will reach US$1.4 billion (about RMB 10.1 billion).
It is expected that Zhoushan Changhong International will utilize the site and facilities leased from Jinhai Intelligent Manufacturing to build the six new ships, with a delivery period between the fourth quarter of 2027 and the end of 2028.
The order is the second batch of container ships ordered by George Economou after a four-year hiatus and his return to the container market. In November last year, the shipowner signed a deal with South Korea’s HJ Heavy Industries through TMS Group for four 7,900 TEU eco-friendly container ships to be delivered from 2026 onwards. The price for a single ship is $108 million, totaling about $432 million for the four new ships.
George Economou’s shipping companies currently operate over 100 tankers, bulk carriers and gas carriers. George Economou also has more than 40 newbuildings under construction in Chinese and Korean shipyards, including LNG carriers, VLGCs, VLACs, bulk carriers and tankers of various types.
Time has just moved into 2025, and demand for container ship newbuildings is continuing as shipowners ramp up their fleet renewal programs.
On January 24th, SITC International announced that it has put into effect 2 option ships for container ships at Huanghai Shipbuilding with the price of $28.98 million each. SITC International signed an order for 4+6 1800 TEU container ships with Huanghai Shipbuilding on June 29,2024, and up to now, the number of ships in force has reached 8 units.
A few days ago, shipbroker MB Shipbrokers reported that German owner Peter Döhle has signed a contract with Guangzhou Shipbuilding International (GSI) for 3+2 8,400 TEU LNG dual-fuel container ships at an estimated unit price of $120-125 million, with delivery of the first ships between 2027 and 2028.