Greek shipping company Pantheon Tankers, backed by Anna Angelicoussis Kanellakis, has become the latest owner to place an order for very large crude carriers (VLCC) with a Chinese shipyard.
Pantheon Tankers has ordered two 307,000 dwt VLCCs from Dalian Shipbuilding Industry (DSIC), a subsidiary of China State Shipbuilding Corporation (CSSC), at a cost of about $120 million each, for a total order value of about $240 million (roughly Rs. 1.733 billion), shipbrokers have revealed. The new shipbuildings will be equipped with desulfurization towers and are expected to be delivered in 2027.
Founded in 2012, Pantheon Tankers is a leading independent shipping company providing ship management services to the tanker industry, and currently operates a fleet of 43 vessels with a total capacity of 6,096,454 deadweight tons, according to the official website.
Pantheon Tankers has ordered four 114,000 dwt LR2 product tankers, all classed by American Bureau of Shipping (ABS) and flying the Greek flag, from Yangzhou COSCO Shipping Heavy Industry, which are expected to be delivered in 2025 and 2026, the company’s official fleet list shows. The company also placed an order for two 115,000 dwt product tankers last year with New Yangzi Shipbuilding, a subsidiary of Yangzijiang Shipbuilding Group, sources said.
Due to the previous downturn in the VLCC new shipbuilding market, there are only a few VLCCs scheduled for delivery in 2024 and 2025. Due to the shortage of tonnage, the price of second-hand vessels and other factors, many shipowners, including the Swiss commodity trading giant Trafigura Group (Trafigura), have chosen to build VLCCs, which has also promoted the emergence of VLCC “new shipyards”.
For example, Trafigura spent $256 million ordering two 319,000 dwt VLCCs from JJiangsu Hantong Ship Heavy Industry (HT), marking the shipyard’s formal entry into the VLCC construction market.
In addition, Switzerland’s Mercuria Energy Trading signed a construction contract for two 300,000 dwt VLCCs with China State Shipbuilding Corporation (CSSC) Shanghai Waigaoqiao Shipbuilding (SWS) through an innovative form of long term chartering and ship owning, marking the company’s return to the VLCC market after a long period of time.
Currently, prices in the global tanker market continue to rise and VLCC newbuilding orders are continuing to pick up. Hanwha Ocean also announced its first VLCC order after a three-year gap in February this year, which consists of two newbuildings ordered by DHT Holdings with delivery expected in the first half of 2026 and the second half of the year.