Pantheon in talks to order VLCCs at Hyundai

21.03.2015

Greek owner negotiates second order at the South Korean yard this year at a suggested price of $97 apiece

The Kanellakis family of Greece is poised to add VLCC newbuildings to its orderbook at Hyundai Heavy Industries (HHI).


Kanellakis-backed Pantheon Tankers is in discussions to book at least two new VLCCs at the world’s largest shipbuilder, market sources say.


“There are some discussions but they haven’t concluded yet,” said one who is close to the talks.


While it is not clear how much the owner is willing to pay for the tankers, brokers suggest a figure in the region of $97m could be required for a VLCC slot with delivery in either late 2016 or early 2017.


Confirmation of the VLCCs would mark the owner’s second tanker order at HHI during the first quarter of 2015.


As TradeWinds reported last week, HHI confirmed a contract for two suezmaxes for Pantheon, with an option for a third.


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Note: This article first appeared in the printed edition of TradeWinds on 20 March 2015 alongside a picture of Christos Kanellakis. In a statement Pantheon Tankers stressed that Mr Kanellakis had no relationship with Pantheon Tankers or Alpha Bulkers. In a note sent after publication, Pantheon said any reference to its business strategies was “merely speculative”.


Pantheon has five VLCCs in its trading fleet of 14 tankers. Four of those VLCCs were built at HHI and one at DSME.


The Kanellakises also have a dry cargo fleet under the banner of Alpha Bulkers Shipmanagement and an LNG carrier under construction for division Alpha Gas.


The VLCC talks come at a time when the global orderbook in the sector is closing in on 100 tankers.


Figures from EA Gibson suggest there are 95 confirmed VLCC newbuildings inked in, with four more that have yet to be finalised.


HHI — which has been focusing on tankers as it looks to return to profit and hit its 2015 order target of $22.95bn — has contracts in place for 28 VLCCs at its various yards, the broker says.


As TradeWinds has reported, HHI has been on a winning run, with Greek owners Thenamaris and Arcadia Ship Management rumoured to be placing suezmaxes at the Seoul-listed builder.


All this comes at a time when Greek owners are showing a renewed appetite for tanker newbuildings.


Clarksons says 30\% of Greek newbuilding investment last year was directed into the wet sector.


This marked the first time since 2009 that tankers have been the most popular new investment for Greeks, the broker said this week.


source:www.tradewindsnews.com

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