After 17 years, Japan’s largest shipbuilding group, Imabari Shipbuilding, has returned to the Aframax tanker construction sector.
Imabari Shipbuilding recently disclosed that it has reached a contract with a Greek shipowner for the construction of two 107,000 deadweight ton Aframax tankers. The new ships are expected to be delivered in 2027 and 2028. Specific details about the shipowner and the ship price were not disclosed, but sources indicate this order may come from Samos Steamship, a “long-standing customer” of Imabari Shipbuilding.
For reference, Clarksons’ data shows that the current newbuilding price for a 113,000-115,000 deadweight ton Aframax tanker is approximately $72 million, a decrease of about 4% compared to $75 million during the same period last year.
It is understood that Samos Steamship is a loyal customer of Japanese shipyards. Currently, all 27 ships in its operating fleet are from Japanese shipyards, including 18 tankers and 9 bulk carriers, with a total carrying capacity of about 3.69 million deadweight tons and an average vessel age of 6.8 years.
The latest order is significant for Imabari Shipbuilding, as the shipyard’s last delivery of an Aframax tanker was in 2008. Industry insiders stated that Imabari Shipbuilding’s return to the Aframax tanker market fills the gap left by Sumitomo Heavy Industries.
Last year, Sumitomo Heavy Industries, known for building Aframax tankers, announced its withdrawal from the newbuilding market and will no longer accept new merchant ship orders. Its existing orderbook will be delivered by January 2026. After exiting merchant shipbuilding, Sumitomo Heavy Industries plans to continue its ship repair business and construct floating structures and vessels related to offshore wind power, as well as wind turbine components. Its Yokosuka plant produces large port cranes and other products.
Imabari Shipbuilding stated that it will revive the mega-block construction method used when building Aframax tankers in the 2000s. Sources said Imabari Shipbuilding will collaborate with Sumitomo Heavy Industries to build the mega hull blocks, with Sumitomo Heavy Industries responsible for the block manufacturing work.
It is understood that Imabari Shipbuilding is Japan’s largest shipbuilding group by completion volume. It owns 10 shipyards in Japan and can build over 90 ships annually. Among them, the Marugame Division in Kagawa Prefecture has Japan’s largest dock, measuring 600 meters long, 80 meters wide, and 11.7 meters deep. The dock is equipped with Japan’s three largest 1,300-ton gantry cranes. According to data from the Japanese Ministry of Land, Infrastructure, Transport and Tourism’s Maritime Bureau, Imabari Shipbuilding’s construction volume in 2024 was 3.28 million gross tons, ranking 6th in the world.
Earlier this year, Imabari Shipbuilding announced an agreement with JFE Holdings and IHI to acquire part of the shares of Japan Marine United (JMU) held by JFE Holdings and IHI. Through this transaction, JMU, Japan’s second-largest shipbuilder, will officially become part of the Imabari Shipbuilding Group, focusing on shipbuilding business. Imabari Shipbuilding’s shareholding ratio will increase from the current 30% to 60%, making it the largest shareholder of JMU.
This merger will enable Imabari Shipbuilding and JMU to collaborate in the same market, with a business scope including container ships, liquefied gas carriers, bulk carriers, and tankers. Both parties can also achieve cost savings by sharing design and procurement costs.
