Marinakis firms up third VLCC at Hanwha Ocean

Evangelos Marinakis, the Greek shipping magnate, has significantly bolstered his fleet by placing additional orders for very large crude carriers (VLCCs) in South Korea. His company, Capital, has exercised an option for a newbuild at Hanwha Ocean, following earlier commitments for two vessels this year. The latest addition is expected to cost approximately $127.5 million, pushing Capital’s total investment in VLCCs to around $1.2 billion, with deliveries slated for 2027.

Growing Investments in VLCCs

Marinakis’s recent order is part of a broader trend among shipping companies investing in VLCCs at Hanwha Ocean. Alongside Capital, other notable players include Greek competitor Chandris, DHT Holdings, Oman’s Asyad Shipping, and Geneva-based Advantage Tankers. This collective interest highlights the growing demand for large crude carriers in the global shipping market.

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In addition to the VLCC orders in South Korea, Capital has also secured six LNG dual-fuel supertankers in China, each valued at approximately $140 million. These vessels are expected to be delivered by 2028, further diversifying the company’s fleet and enhancing its operational capabilities.

Marinakis is not the only Greek shipping owner making significant moves in the VLCC sector. Tsakos Energy Navigation (TEN) has also recently announced plans for three new VLCCs at the Okpo-based shipyard. This surge in orders reflects a strategic push by Greek shipping companies to strengthen their positions in the competitive maritime industry.