Polemis lines up Korean suezmax newbuilds
Adam Polemis Eyes Tanker Market with New Orders
Adam Polemis’ New Shipping is poised to re-enter the tanker newbuilding market, having reportedly signed a letter of intent with Samsung Heavy Industries (SHI) for two suezmax tankers. Scheduled for delivery in 2028, this deal marks a significant step for the Greek shipping magnate. If finalized, the agreement could expand to include a total of four vessels, signaling a robust commitment to fleet expansion.
Details of the Newbuilding Agreement
The anticipated construction of the suezmax tankers will take place at HSG Sungdong Shipbuilding, a facility that is making a comeback in the full shipbuilding sector. Industry sources estimate the price per vessel to be around $83 million, which is slightly lower than the recent $87 million benchmark for similar orders from Korean shipyards, including a recent deal by Evalend at HD Hyundai.
This latest move represents New Shipping’s second attempt to secure suezmax vessels this year. In July, the company was linked to a potential order for up to four units at CSSC Qingdao Beihai in China; however, that deal reportedly did not materialize. Currently, shipping databases indicate that Polemis’ fleet comprises over 25 vessels, including both tankers and bulk carriers. Additionally, the company has been associated with the acquisition of the LR2 newbuilding Hesperia Tide from Zhoushan Changhong yard in China for approximately $70 million.
Samsung’s Strategic Shift in Shipbuilding
For Samsung Heavy Industries, this agreement underscores its strategy to enhance tanker construction capabilities as its order book continues to grow. In July, the shipbuilder entered into a cooperation agreement with Sungdong to manage part of its production workload. This partnership is part of a broader initiative by the South Korean yard, which was once among the top ten shipbuilders globally, to return to full shipbuilding after primarily focusing on block production for other companies.
As the tanker market evolves, both New Shipping and Samsung Heavy Industries are positioning themselves to capitalize on emerging opportunities, reflecting a dynamic shift in the maritime industry.
