As the tanker market continues to improve, Greek bulk carrier and container ship owner Cape Shipping has returned to the market after more than a decade and announced that it is spending $400 million (RMB 2.89 billion) to order three types of six new ships at two Chinese shipyards.
According to Trade Winds, Cape Shipping has signed a contract with Shanghai Waigaoqiao Shipbuilding(SWS), a subsidiary of China State Shipbuilding Corporation (CSSC), to build four new tankers of two types, including two 115,000 dwt LR2/Aframac tankers and two 158,000 dwt Suezmax tankers.
The total value of the orders for the four tankers is about $300 million (about RMB 2.167 billion). As early as the end of 2023 it was announced that Cape Shipping had signed a letter of intent with Shanghai Waigaoqiao Shipbuilding for the construction of two LR2/Avlar tankers.
The two LR2/Aframac tankers with a single unit cost of approximately US$66 million (approximately RMB477 million) are expected to be delivered in the third quarter of 2025 and the first quarter of 2026. The two Suezmax tankers are expected to be delivered in the second half of 2026 and the first quarter of 2027 at a cost of approximately US$84 million (approximately RMB607 million) per unit.
In addition to placing an order with SWS, Cape Shipping has also signed a letter of intent with Yangzijiang Shipbuilding Group for the construction of two 74,000 dwt LR1 product tankers, which are expected to be delivered in 2027, with a single-vessel cost of about US$54 million (about RMB 390 million) and a total value of about US$108 million (about RMB 780 million). Cape Shipping is expected to finalize the formal construction contract with Yangzijiang Shipbuilding soon.
Founded in 1987, Cape Shipping is understood to have a fleet of 5 bulk carriers and 11 container ships. The company’s most recent newbuilding deliveries are in 2021, all of which are container ships.
