Stealth Maritime, the tanker company backed by Greek shipping magnate Harry Vafias, has placed orders for two MR product tankers at HD Hyundai Heavy Industries in South Korea, according to brokerage reports. The 50,000 dwt vessels are priced at $53m each, bringing the latest investment to $106m, with delivery scheduled for the first half of 2029. The deal extends a South Korean newbuilding drive by the wider Vafias Group that Splash247 values at around $1.3bn.
Fleet Expansion Across Multiple Segments
Neither Stealth Maritime nor HD Hyundai has publicly confirmed the contract, but Greek financial media have reported the same price and delivery window, Splash247 noted. The orderbook data reviewed by Splash lists at least 15 Stealth tankers currently under construction, all at South Korean yards. The program spans multiple tanker classes:
| Segment | Yard | Vessels | Total Value (approx.) | Delivery Window |
|---|---|---|---|---|
| MR product tanker (50k dwt) | HD Hyundai Heavy Industries | 2 (latest) | $106m | H1 2029 |
| LR2 and suezmax | HD Hyundai Heavy Industries | 8 (incl. 2 options exercised) | $326m (for 4 additional) | Through H1 2029 |
| VLCC (320k dwt) | Hanwha Ocean | 2 | ~$265m ($132.5m each) | 2030 |
Stealth Maritime made its return to the VLCC market earlier this year, booking two 320,000 dwt ships at Hanwha Ocean for delivery in 2030. The pair, priced at around $132.5m each, marked Vafias’ first investment in the largest crude carrier class in roughly two decades.
Company Background and Managed Fleet
Stealth Maritime’s existing managed fleet comprises 46 vessels, split between 17 tankers and 29 LPG carriers. The wider Vafias Group includes Nasdaq-listed companies StealthGas, Imperial Petroleum, and C3is, alongside privately held Stealth Maritime and Brave Maritime.
Implications for Tanker Shipping
For logistics managers and freight forwarders monitoring tanker supply, these orders add significant tonnage to the orderbook. The MR product tanker segment will gain two modern units in 2029, while the LR2/suezmax and VLCC orders will boost medium-range and crude-carrying capacity later in the decade. With deliveries concentrated at South Korean yards, delivery schedules remain tight. The expansion reflects Stealth Maritime’s long-term commitment to tanker shipping, though the ultimate impact on spot rates will depend on demand growth and fleet retirements nearer to delivery dates.
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