Greek shipowner Metrostar Management has returned to the MR tanker newbuilding market with a deal for two vessels in South Korea, Splash247 Maritime reported. The order for a pair of 50,000 dwt product tankers at HD Hyundai Mipo adds capacity that will deliver in 2028, with implications for the product tanker fleet supply in the late 2020s.
The Theodore Angelopoulos-led company has booked hull numbers HN 2973 and HN 2974. Both are listed as Liberia-flagged MR tankers, measuring 183 m in length and 32.2 m in beam. Market sources put the price at close to $53 million per vessel, according to Splash247.
The latest order is part of a broader rebuilding of Metrostar's tanker fleet around product tonnage. The company currently lists seven tankers in operation:
| Vessel Type | Capacity | Build Yard | Year |
|---|---|---|---|
| Suezmax | 1 vessel | – | – |
| LR2 (115,000 dwt) | 4 vessels | Hyundai Vietnam | 2024–2025 |
| LR1 (75,000 dwt) | 2 vessels | Yangzijiang | 2025 |
In addition, Metrostar has returned to container shipping this year, adding three 1,300 teu feeder vessels built in China in 2008. Splash reported in January that the company had re-entered the boxship sector after more than a decade away, having sold five 3,430 teu containerships to Goldenport and Danaos in 2014.
The MR order comes amid another active year for Greek product tanker contracting. "Owners continuing to book slots in South Korea and China for delivery from 2028 onwards," Splash247 noted. Compatriot owner Thenamaris recently confirmed four scrubber-fitted 50,000 dwt vessels at the Ulsan-based yard, with deliveries scheduled through 2028.
For logistics operators and freight forwarders, the newbuildings represent a scheduled increase in MR tanker capacity from 2028. While no immediate rate impact is signalled, the ordering activity indicates sustained confidence in product tanker demand among Greek owners. Vessels of this size are commonly deployed in clean petroleum product trades, such as gasoline, naphtha, and diesel.
Watch list: Several factors could influence the market. Continued ordering by Greek owners, including potential further commitments at South Korean and Chinese yards, may adjust future supply-demand balances. Delivery schedules for the 2028 tranche of MR tonnage should be monitored, as any delays at HD Hyundai Mipo could shift capacity availability. Additionally, the performance of Metrostar's recent LR2 and LR1 deliveries will inform owners' ordering decisions.
Sources:
