VLCC ordering has maintained strong momentum over the past week, with South Korean shipyards announcing several high-value contracts
Hanwha Ocean disclosed on 24 November an order for four VLCCs, valued at around US$516M, with deliveries scheduled through Q4 2028. While the shipyard did not name the buyer, European shipbrokers have attributed the contract to Maria Angelicoussis-led Maran Tankers, which has been approached for comment.
The major Greek owner has been largely absent from VLCC newbuilding activity in recent years and currently oversees an orderbook of 11 conventional Suezmax and DP2 Suezmax shuttle tankers.
The Angelicoussis Group has long pursued a strategy of fleet renewal, combining timely secondhand sales with investment in newbuildings. Maran Tankers has been particularly active this year in divesting its oldest VLCCs at premium prices. Its existing active fleet comprises 51 tankers, according to information on the company’s website.
In another significant order, HD Hyundai disclosed on 21 November a contract for four VLCCs, due for delivery in Q3 2029, valued at around US$520M. The South Korean shipbuilder said an unnamed European shipowner was behind the order.
Shipbrokers have reported that Ray Car Carriers is the buyer. Best known for its car carrier business, the owner is expanding into the crude tanker market, following an order for four VLCCs at HD Hyundai last year. The company is also pursuing a newbuilding programme for car carriers across South Korean yards.
VLCC ordering frenzy
Several major owners and operators have placed VLCC orders in recent weeks. Riviera recently reported Trafigura’s move to increase its orderbook to double-digit numbers. Scorpio Tankers, COSCO, Laskaridis Maritime and TMS Tankers have also been particularly active.
Xclusiv Shipbrokers’ latest monthly report shows the VLCC orderbook-to-fleet ratio at 13% in dwt terms at the end of October, while 35% of the active fleet is aged 16 years or older.
According to BRL’s latest newbuilding report, 51 VLCCs, totalling 15.9M dwt, have been ordered so far this year.
