George Procopiou's Dynacom orders eight vessels worth $1 billion, expanding its fleet with ammonia and crude oil carriers.
Greek shipowner George Procopiou continues to expand one of the largest new ship investment programs in the world. Procopiou's Dynacom has reached an agreement with China's Hengli Heavy Industries for the construction of eight new vessels valued at approximately $1 billion.
As part of the new package, six Very Large Ammonia Carriers (VLAC) with a capacity of 93,000 cubic meters and two 306,000 dwt Very Large Crude Carriers (VLCC) are expected to be built. Hengli confirmed that the contract covers the VLAC and VLCC vessels, with the distribution of six to two reported by industry sources.
The agreement particularly highlights the ammonia transportation aspect. Dynacom had initially ordered two 93,000 cubic meter VLACs from Hengli in the summer of 2026. These vessels are planned for delivery in 2028, and market sources indicated that the price for the first two ships was approximately $115 million each. With the addition of the new six vessels, Procopiou's VLAC program at Hengli will reach a total of eight ships.
Dynacom is also rapidly expanding its crude oil tanker fleet. The company had ordered four more VLCCs from Hengli in August. With the latest investments, it is reported that Dynacom's VLCC program associated with Hengli has reached a total of 20 vessels.
The new order also elevates the collaboration between Procopiou and Hengli to an extraordinary scale. According to calculations by Xinde Marine News, the program between the two parties encompasses a total of 50 vessels, including 13 Kamsarmax, 9 Suezmax, 20 VLCC, and 8 VLAC.
Hengli's design for the 93,000 cubic meter VLAC has been developed to carry not only ammonia but also propane, butane, and other LPG cargoes. This feature allows the vessels to be utilized in the traditional LPG market while preparing for the anticipated future development of ammonia transportation.
Procopiou's investment comes at a time when expectations are strengthening that ammonia will play a larger role in the maritime sector as both an energy product and an alternative marine fuel in the future. Dynacom's move to expand the VLAC program to eight vessels just a few months after the first two ships further underscores the company's commitment to this market.
Source: SeaNews Türkiye
