According to trade winds and other foreign media news, the Greek shipowner George – Economou led by the Greek shipping company Cardiff Group is seeking more new shipbuilding orders in the tanker and bulk carrier market. Although George Economou has been committed to the acquisition of shares of other shipping companies, but this has not affected its plans to expand the fleet through new shipbuildings.
George Economou has added seven new vessels of three types to its order book, including two 157,000 DWT Suezmax tankers, one 115,000 DWT LR2 product tanker and four Kamsarmax bulk carriers, the report said.
Among them, two 157,000 dwt Suezmax tankers will be built by Jiangsu New Hantong Ship Heavy Industry Co., Ltd (NHT), with the price of each vessel ranging from $83 million to $86 million. And the total order value ranging from $166 million to $172 million, which are expected to be delivered in 2026. The new vessels will be conventionally powered, marking NHT’s entry into the Suezmax tanker construction market.
One 115,000 DWT LR2 product tanker is scheduled for delivery in the second half of 2025, built by Jiangsu New Times Shipbuilding. Clarkson data show that George Economou also ordered four Suezmax tankers from New Times Shipbuilding. So far this year, Times Shipbuilding has made a good debut in the oil tanker market, and has signed a number of orders including Very Large Crude Carrier (VLCC), Suezmax tankers, LR2 product tankers, etc., most of which were placed by Greek shipowners.
Four 82,000 DWT Kamsarmax bulk carriers have been ordered by George Economou’s bulk carrier TMS Dry from XMXYG Shipbuilding & Offshore Engineering Co., Ltd.(XMXYG SOE) and are expected to be delivered in 2026. Each vessel is priced between $35 million and $36 million.
In addition to the seven newbuildings of three types announced above, George Economou has previously ordered a cumulative number of newbuildings from Chinese and South Korean shipyards.
George Economou has ordered eight Newcastlemax bulk carriers from COSCO Shipping Heavy Industry (Yangzhou) in three installments, Clarkson data shows. The first batch of 2 vessels was signed in March 2023 and the delivery is scheduled for October and December 2025, with the cost of a single vessel to be more than USD 64 million. The second batch of 2 vessels was ordered in June 2023 and scheduled for delivery in February and April 2026 at a cost of approximately USD 64 million. The last 4 vessels were contracted in October 2023 and the cost is still expected to be USD 64 million.The total value of the 8 vessel order amounts to USD 512 million.
In the bulk carrier sector, George Economou also ordered six Kamsarmax bulk carriers from CSSC Chengxi Shipbuilding; and six UltraMax bulk carriers from XMXYG SOE. In addition, George Economou has signed a contract with a Korean shipyard for the construction of seven liquefied natural gas (LNG) carriers.
It is understood that Jiangsu New Hantong Shipbuilding Heavy Industry was founded in 2007, has built Aframax tankers, LR2 product tankers, etc., in the bulk carrier, crude oil tankers and other ship type segments of the market occupies an important position. The company covers an area of 1.59 million square meters, and its main facilities include a 300,000-ton dry dock (485m*96m) with 2 sets of 800-ton gantry cranes, an 80,000-ton slipway (290m*40m*2), and 280,000 m2 of hull, pipe and outfitting fabrication workshops and corresponding ancillary facilities, which are capable of constructing all kinds of ships and offshore projects of less than 300,000 deadweight tonnage. On October 13 this year, the company and Shanghai Waigaoqiao Shipbuilding formally signed a strategic cooperation, the depth of cooperation between the two sides thus fully opened.
Jiangsu New Times Shipbuilding occupies a total area of 2 million square meters, with 1 dry dock each of 500,000-ton, 300,000-ton and 100,000-ton, 3 large outfitting wharves and perfect supporting facilities such as intelligent segment manufacturing workshop, intelligent assembly and welding workshop for large diameter pipes of ships, etc. And it is the first regional shipyard in China that built 10,000-ton ship (1996) and the first private shipbuilder that built a large-scale LNG dual-fueled
