Evangelos Pistiolis secures a $500 million deal for 10 MR tankers with Guangzhou Shipyard, marking a strategic shift in shipbuilding.
Greek shipowner Evangelos Pistiolis has made a strong return to the new shipbuilding market. Pistiolis's private company, Central Group, has signed a contract with Guangzhou Shipyard International (GSI), one of China's leading shipyards, for 10 MR-type product tankers worth approximately $500 million.
The agreement signed for the vessels, which will have a carrying capacity of approximately 50,000 dwt, marks Central Group's first new shipbuilding contract with Chinese shipyards after many years. The group had primarily been working in South Korea, particularly with HD Hyundai Mipo Shipyard, until now.
The contract was officially signed by China Shipbuilding Trading Company (CSTC) and GSI, both subsidiaries of China State Shipbuilding Corporation (CSSC). All 10 vessels are included in the firm order, and this agreement is considered one of the largest orders in the MR tanker segment made by 2026. The delivery dates have not yet been announced.
The newly constructed tankers will be based on a design developed by GSI. The vessels are planned to be:
Approximately 183 meters long
32.2 meters wide
With an average service speed of 14.5 knots
Configured with 6+1 cargo tanks.
Additionally, the ships will be built in compliance with the latest IMO and environmental regulations, including Tier III emission standards. It has also been stated that advanced technologies aimed at fuel savings and emission reductions will be incorporated into the design.
This order signifies a significant change in Pistiolis's shipyard strategy. In recent years, the ability of Chinese shipyards to attract higher-profile tanker owners due to quality, delivery time, and cost advantages has influenced Central Group's pivot towards China.
Evangelos Pistiolis is the founder of Central Group, which encompasses numerous maritime and commercial entities, including Central Shipping, Central Mare, and Central Tankers Chartering. He is also the founder and major shareholder of Top Ships, a tanker company listed on the New York Stock Exchange.
While Central Group primarily focuses on MR-type product tankers, it also operates dry bulk and container ships. The group is recognized for its hands-on approach in shipbuilding and management, maintaining long-standing relationships in the chartering market with major oil companies such as Shell and BP.
This latest order adds a new link to the long-standing large-scale investment history of the group led by Pistiolis. Since 2000, Central Group has conducted over $7 billion in ship buying and selling transactions and has implemented one of the most comprehensive newbuilding programs in the industry, encompassing approximately 40 medium and ultra-large crude oil and product tankers.
The new order from China further highlights both Central Group's growth strategy and the rising position of Chinese shipyards in the global tanker market.
Source: SeaNews Türkiye