Greek tanker owner Andriaki Shipping has broken its decade-long newbuilding silence with an order for two LR1 tankers, signaling a rare move into Chinese shipyards for the conservative owner, according to Splash247.
Brokers report that the Marousi-based company has booked two 73,500 deadweight tonne (dwt) LR1 tankers at China's New Times Shipbuilding. The scrubber-fitted ships are priced at about $55.1m each and are expected to deliver in 2030. Neither Andriaki nor New Times has publicly confirmed the order.
Fleet Profile and Shipyard Shift
Andriaki’s current fleet consists of eight Greek-flagged tankers, all built in South Korea. The company’s four larger units were delivered by HD Hyundai Samho between 2009 and 2012, while its four 74,000 dwt crude and product tankers were delivered from STX Offshore & Shipbuilding (now known as K Shipbuilding) in 2017 and 2018. That LR1 series, ordered in 2015 and 2016, was Andriaki’s last known newbuilding programme.
| Vessel Group | Dwt | Shipyard | Delivery Years |
|---|---|---|---|
| Larger units | Not specified | HD Hyundai Samho | 2009–2012 |
| Crude/product tankers | 74,000 dwt | STX Offshore (now K Shipbuilding) | 2017–2018 |
| New LR1 order | 73,500 dwt | New Times Shipbuilding (China) | 2030 (expected) |
The new LR1s at 73,500 dwt are slightly smaller than the existing 74,000 dwt units. If firmed, the deal would mark a rare move into Chinese newbuildings for one of Greece’s more conservative tanker names, according to Splash247.
Company Background
Andriaki was established in Greece in 1953 as part of the N.J. Goulandris group and has managed more than 100 ships over its history. The company now manages the tanker fleet exclusively, while N.J. Goulandris Maritime handles chartering, insurance and sale-and-purchase activity. The latest order would come under Panagiota Chrysanthi, who was named chief executive officer after starting her career with Andriaki as a cadet in 1996.
Implications for Tanker Supply and Freight
For logistics professionals and tanker operators, this order adds to the LR1 newbuilding pipeline. LR1 tankers (45,000–80,000 dwt) are primarily used for transporting clean petroleum products such as gasoline, diesel, and jet fuel. While the vessels are not due for delivery until 2030, the new capacity could influence medium-term supply-demand dynamics on key routes such as the Transatlantic and Middle East-to-Europe clean product trades. The shift to a Chinese yard from traditional South Korean builders suggests competitive pricing and construction slots, potentially affecting future vessel acquisition costs. Shippers may want to monitor how this order, if confirmed, fits into the broader LR1 fleet renewal cycle.
"Neither Andriaki nor New Times has publicly confirmed the order," according to Splash247, emphasizing that the report is based on broker information.
Watch List
- Confirmation of the order by Andriaki or New Times Shipbuilding.
- Any additional LR1 or other tanker orders from Andriaki, potentially signaling further fleet expansion.
- Delivery timelines and any delays at the Chinese yard.
- Broader LR1 freight rate trends as newbuilding orders accumulate across the sector.
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