COSCO Shipping has overtaken Dynacom Tankers, securing 36 VLCC orders and leading the global tanker market.
Chinese maritime giant COSCO Shipping has risen to global leadership in very large crude carrier (VLCC) orders, surpassing Greek shipowner George Procopiou's Dynacom Tankers. The company's order portfolio has reached 36 vessels, marking the beginning of a new competitive era in the global tanker market.
State-owned COSCO Shipping Energy Transportation (CSET) has become the company with the largest VLCC order portfolio in the world through its new ship investments.
According to a TradeWinds report dated November 10, following COSCO's investment program covering 24 new VLCCs, the total number of orders has increased to 36. Thus, the company has overtaken Greek shipowner George Procopiou's Dynacom Tankers, which has long been prominent for its large tanker investments.
Greek shipowners rank second and third.
According to Clarksons data, the companies with the largest VLCC order portfolios in the world are ranked as follows:
1. Dynacom Tankers
2. Capital Maritime
3. China Merchants Energy Shipping
George Procopiou's Dynacom Tankers is in second place with 32 vessels, while Evangelos Marinakis's Capital Maritime ranks third with 25 vessels.
COSCO's massive investment of 24 vessels.
COSCO's new investment program includes the direct purchase of 10 VLCCs and the addition of 14 new vessels through long-term bareboat chartering.
Six of the directly ordered tankers will be built at COSCO Shipping Heavy Industry's Yangzhou shipyard, while four will be constructed at Dalian Shipbuilding Industry Group facilities.
The vessels are planned to be delivered in 2029 and 2030. The new tankers will be equipped with systems compatible with alternative fuels such as LNG and methanol, as well as energy-saving technologies.
Contract for six tankers worth $852 million.
The total value of the six VLCC orders placed by COSCO at the Yangzhou shipyard has been announced as approximately $852.4 million.
Each of the vessels, which will have a carrying capacity of 309,000 DWT, is estimated to cost around $142 million.
The company plans to finance 70% of the investment through external financing, while the remaining 30% will be covered by its own resources.
Over 350 VLCC orders worldwide.
New ship orders in the global tanker market have reached the highest levels in recent years.
According to industry reports based on Clarksons data, with COSCO's new investments and planned additional vessels, the global VLCC order portfolio has exceeded 350 ships.
Geopolitical tensions in the Middle East, security issues in the Strait of Hormuz, and the increase in transportation distances in oil trade are among the main developments driving the demand for large tankers.
In particular, the increase in long-distance crude oil transportation aimed at the Asian market is directing shipowners towards new VLCC investments.
However, the impact of the large number of new vessels to be delivered in 2029 and 2030 on the supply-demand balance in the tanker market in the coming years is among the issues closely monitored by the industry.
Source: SeaNews Türkiye
