Last year, the newly established Greek shipping company Akrotiri Tankers signed its first order, placing an order for 2 LR1 product tankers at New Times Shipbuilding.
According to TradeWinds, the new vessels are scheduled for delivery in the second half of 2028 or early 2029, with the specific price not disclosed. This transaction will nearly double the fleet size of Akrotiri Tankers, which currently operates 3 second-hand LR1 product tankers sailing on various trade routes.
For reference, data from Clarksons shows that the current newbuilding price for a 73,000-75,000 dwt LR1 tanker is approximately $59 million, a decrease of about 5% compared to $62 million during the same period last year.
However, the actual quoted price from New Times Shipbuilding may differ from the market price indicated by Clarksons. It is reported that last year, Tsakos Energy Navigation (TEN) ordered 4 LR1 product tankers at New Times Shipbuilding, with an estimated cost of about $55 million per vessel.
It is understood that New Times Shipbuilding is a leader in the field of tanker construction. The shipyard primarily focuses on building large and medium-sized bulk carriers, tankers, container ships, and various chemical tankers. Its independently developed and constructed oil and chemical tankers are renowned in the industry for having the “most ship types, the most complete series, and first-class cost-effectiveness.”
With the recovery of the global shipbuilding market and order growth, New Times Shipbuilding plans to invest 5 billion yuan to create a new energy ship intelligent manufacturing project. This involves building intelligent manufacturing workshops and other factory buildings, while also upgrading existing painting facilities and intelligent production lines. The project includes the construction of a 700-meter-long ultra-large dry dock, capable of building two VLCCs side-by-side, and also able to accommodate two VLCC half-ship sections side-by-side. This is the largest expansion project for New Times Shipbuilding in recent years. Upon completion, New Times Shipbuilding will possess 4 dry docks.
Excluding the latest order, data from Clarksons shows that, as of now, New Times Shipbuilding holds a total orderbook of 154 vessels amounting to 22,583,500 dwt. This includes 8 bulk carriers, 76 tankers, and 70 container ships, with delivery schedules extending until 2029.
