Greek shipping company Latsco Shipping has returned to the newbuilding market for MR product tankers, placing an order for 2+2 new ships at K Shipbuilding.
According to TradeWinds, Latsco Shipping is the shipowner behind the recently disclosed contract for two 50,000 dwt MR tankers at K Shipbuilding. Based on previously disclosed information from K Shipbuilding, the first two new ships are scheduled for delivery by July 2027, with a total contract value of approximately 129 billion Korean Won (about $92.7 million / 660 million RMB). This equates to a unit price of $46.35 million / 330 million RMB per vessel. Based on this calculation, the total value for all four ships, if the option orders are confirmed, will reach $185 million.
For reference, data from Clarksons shows that the current newbuilding price for a 47,000-51,000 dwt product tanker is approximately $48.5 million, down 7% from $52 million during the same period last year.
K Shipbuilding stated that this ship type adopts LNG-ready and methanol-ready designs, allowing for easy future conversion to use eco-friendly fuels like LNG or methanol. It is an environmentally friendly and highly efficient vessel that meets the International Maritime Organization (IMO)’s Energy Efficiency Design Index (EEDI) Phase 3 requirements, which come into effect in 2025.
This marks Latsco Shipping’s first order for MR tankers in the past decade. It is understood that Latsco Shipping, as a leading company in the Greek shipping industry, operates a diversified fleet of over 30 vessels. This includes 14 product tankers, 6 liquefied gas carriers, 4 Very Large Crude Carriers (VLCCs), 2 LNG carriers, and multiple bulk carriers, with its business broadly covering major global shipping routes.
In recent years, Latsco Shipping has been active in the newbuilding market. Clarksons data shows that Latsco currently has 13 new ships on order in China, South Korea, and Japan. These include 2 x 1900 TEU feeder ships under construction at Huangpu Wenchong, 3 x Ultramax bulk carriers under construction at Japan’s Oshima Shipbuilding, and 3 x VLGCs and 2 x LR2 tankers under construction at South Korea’s HD Hyundai Group.
Including the latest order, K Shipbuilding has secured a total of 10 new ship orders (including 2 option orders) so far this year, with a total value of approximately 820 billion Korean Won (about $590 million / 4.2 billion RMB).
According to Clarksons data, K Shipbuilding’s current total orderbook stands at 25 vessels totaling 1.52 million dwt. This includes 14 MR tankers and 11 LR1 tankers, with deliveries scheduled through 2027.
