Greek tanker owner Pantheon Tankers, led by Anna Angelicoussis, has returned to the MR newbuilding market with a fresh order in China, ending a lengthy absence from the segment, according to Splash247. The Athens-based company has been linked to a new MR construction deal at COSCO Guangdong Shipyard for a pair of 50,000 dwt (deadweight tonne) newbuilds, with price and delivery dates yet to be independently confirmed.
Return to MR after 2019 STX programme
The order marks Pantheon's first purpose-built MR programme since a six-ship series delivered by South Korea's STX Offshore & Shipbuilding in 2019, according to Splash247. Pantheon currently manages 14 MR tankers: the six STX-built ships joined by eight smaller MR units of between 40,000 and 46,000 dwt, all built at Hyundai Mipo in 2016 and 2017.
Pantheon's MR move adds another segment to a substantial newbuilding drive increasingly centred on Chinese yards.
Chinese yards anchor the wider newbuilding drive
The MR order extends a substantial newbuilding programme that has been increasingly centred on Chinese yards, Splash247 reported. Pantheon recently completed a four-ship, 114,000 dwt LR2/aframax programme at COSCO Shipping Heavy Industry in Yangzhou and has two 157,000 dwt LNG dual-fuel suezmaxes booked at a COSCO-affiliated yard for 2028. The company also has two VLCCs under construction at Dalian Shipbuilding Industry Co for delivery in 2027, and has been linked to four 306,000 dwt VLCCs at Hengli Heavy Industry for delivery in 2028 and 2029.
| Segment | Number | Size (dwt) | Yard / location | Status / delivery |
|---|---|---|---|---|
| MR newbuilds | 2 | 50,000 | COSCO Guangdong Shipyard | Announced; price/dates unconfirmed |
| LR2/aframax | 4 | 114,000 | COSCO Shipping Heavy Industry, Yangzhou | Recently completed |
| LNG dual-fuel suezmax | 2 | 157,000 | COSCO-affiliated yard | Booked for 2028 |
| VLCC | 2 | Not specified | Dalian Shipbuilding Industry Co | Under construction, delivery 2027 |
| VLCC | 4 | 306,000 | Hengli Heavy Industry | Linked, delivery 2028–2029 |
Implications for tanker shipping operations
For freight forwarders, charterers and tanker pool operators tracking product tanker supply, the two MR orders expand a managed fleet that already includes 14 MR tankers, according to Splash247. The wider programme shows both medium-range and ultra-large crude carrier (VLCC) tonnage flowing through Chinese shipbuilding capacity, from COSCO yards in Guangdong and Yangzhou to Dalian Shipbuilding Industry Co and Hengli Heavy Industry. The LR2/aframax programme was recently completed at COSCO Shipping Heavy Industry in Yangzhou, adding 114,000 dwt tankers to Pantheon's operated tonnage, while the two 157,000 dwt LNG dual-fuel suezmaxes will introduce dual-fuel capability to the company's crude tanker segment when they arrive in 2028.
Watch list
Factors to track, according to Splash247, include confirmation of price and delivery dates for the two MR newbuilds at COSCO Guangdong Shipyard, which have yet to be independently confirmed; progress of the two VLCCs under construction at Dalian Shipbuilding Industry Co for 2027 delivery; delivery of the two LNG dual-fuel suezmaxes booked at a COSCO-affiliated yard for 2028; and the potential four 306,000 dwt VLCCs at Hengli Heavy Industry slated for 2028 and 2029.
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