Greek shipowners linked to Hyundai suezmax orders

Arcadia Shipmanagement and Thenamaris said to be behind tanker contracts at the Korean shipyard

Two Greek owners are rumoured to have booked suezmax newbuilding contracts at Hyundai Heavy Industries (HHI) at a time when the world’s largest shipbuilder is targeting the tanker sector.

Constantine Angelopoulos’s Arcadia Shipmanagement is said to have placed two tankers at the Seoul-listed builder and Nikolas Martinos-fronted Thenamaris one.

Arcadia would take its suezmax orderbook to six at HHI with the deal, less than six months after passing up two options on similar tankers at the yard.

An order for Thenamaris would mark its third tanker contract in a month following on from a deal for four aframaxes at Sumitomo Heavy Industries and options for a pair of long-range-two (LR2) tankers at Sungdong Shipbuilding & Marine Engineering, as reported by TradeWinds just last week.

Arcadia management were unavailable for comment, while Thenamaris declined to discuss the matter due to company policy.

While sources have not pinned down the price of the contracts, Clarksons presently places a suezmax newbuilding at $65m. Sources indicate this compares to a figure in the low-$60m for a suezmax at leading Chinese shipyards, such as Cosco or New Times.

TradeWinds is told that a leading owner like Thenamaris could secure a suezmax for $65m at HHI today.

The suezmaxes would mark the second tanker success for HHI this week, with Transpetrol having confirmed a deal for two aframaxes at spin-off Hyundai Samho Heavy Industries (see story below).

Tankers are a top target for HHI as it looks to recover from heavy losses in 2014 under the guidance of legendary ex-chairman Kil-sun Cho, who was recalled from retirement last year.

Clarksons lists HHI with 24 other suezmax newbuildings on its books across its various yards.

Of that tally, 18 were contracted by Greek owners. Alpha Tankers, Peter Livanos, Polembros Shipping, CM Lemos and Delta Tankers all have suezmaxes on order at Hyundai yards.

source:www.tradewindsnews.com