Exmar diversifies with suezmax tanker order in South Korea

Belgian shipping company Exmar is making a significant leap into the crude oil sector by ordering four new suezmax tankers. The Antwerp-based firm has partnered with Daehan Shipbuilding in South Korea for this venture, with the first deliveries expected in the third quarter of 2027. This strategic move marks Exmar’s entry into a market where it has not previously operated, despite its extensive experience in gas transport.

New Orders and Market Strategy

Exmar has placed an order for four scrubber-fitted suezmax tankers at Daehan’s Mokpo yard, with an undisclosed contract value. Each vessel will have a deadweight tonnage (dwt) of 157,200, enabling them to transport approximately one million barrels of crude oil. Additionally, the contract includes options for four more units, indicating Exmar’s confidence in the future of the suezmax market.

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The decision to enter the crude tanker segment is driven by what Exmar describes as “strong prospects for the suezmax market.” Historically, the company has focused on liquefied petroleum gas (LPG) carriers and floating gas terminals, operating a fleet of over 40 vessels in these categories. This new direction signifies a diversification of Exmar’s operations, as it seeks to capitalize on emerging opportunities in crude oil transportation.

As the global energy landscape evolves, Exmar’s expansion into the crude sector could position the company favorably amid increasing demand for oil transport solutions. The new tankers are expected to enhance Exmar’s operational capabilities and contribute to its growth strategy in the coming years.