Rapidly expanding Greek owner Venergy Maritime is stepping up its move into crude tankers, lining up up to four suezmax newbuildings at China’s Hengli Shipbuilding as its fleet expansion gathers pace.
Venergy's Strategic Expansion
The Piraeus-based company, led by Vyron Vasileiadis, has signed firm contracts for two 158,000 dwt suezmaxes at the Dalian yard, while securing options for two additional vessels. The firm ships are scheduled for delivery in the fourth quarter of 2028, with the optional vessels set for delivery during 2029 if declared.
Impact on the Tanker Market
No contract price has been disclosed. However, recent broker estimates suggest similar Chinese-built suezmaxes are commanding around $89m apiece. The latest deal marks another step in Venergy’s aggressive tanker expansion strategy and follows earlier suezmax orders placed at Chinese yards as the owner builds a sizeable crude carrier platform from scratch.
Diversified Approach
Venergy has adopted a diversified approach both in terms of vessel segments and shipbuilding partners. The company has spread its orders across several leading Asian yards, placing MR2 product tanker contracts at South Korea’s K Shipbuilding, LR2 orders at New Times Shipbuilding, and suezmax business with Hengli Shipbuilding, CSSC Guangzhou Shipyard International and Shanghai Waigaoqiao Shipbuilding.
"The latest agreement also underlines the growing importance of Hengli Shipbuilding in the international tanker market."
Implications for Shippers
The ordering spree comes less than a year after Vasileiadis entered shipping independently through the acquisition of three secondhand MR2 tankers. Since then, the company has moved at remarkable speed, building a sizeable orderbook spanning both tanker and containership sectors.
| Shipyard | Vessel Type | Delivery Year |
|---|---|---|
| Hengli Shipbuilding | Suezmax | 2028-2029 |
| K Shipbuilding | MR2 | TBD |
| New Times Shipbuilding | LR2 | TBD |
Watch List
- Hengli Shipbuilding's future order intake and delivery schedules
- Potential impacts on Freightos FBX and Drewry WCI indices
- Developments in the crude tanker market and global oil demand
The broader V Group’s interests stretch beyond shipowning into shipping services, port reception facilities, waste management, and alternative fuels. The latest suezmax order means the group’s fleet and orderbook now exceed 30 vessels within little more than a year of launching its independent shipping venture.
