Greek shipowner Efficiency Transport Inc. introduced it has signed two shipbuilding contracts with China Shipbuilding Buying and selling Co. Ltd. (CSTC) and Shanghai Waigaoqiao Shipbuilding Co. Ltd. (SWS) for the development of two 114,000 DWT LNG-ready LR2 Aframax product/crude oil tanker vessels.
The newbuilds, anticipated to be delivered in January and April of 2026, had been ordered at a purchase order worth of US$64,845,000 per vessel, internet of third-party fee. 15% of the acquisition worth is payable upon receipt of a refund assure; 10% of the acquisition worth is payable at every of the milestones of metal slicing, keel laying, and launching of the vessels, and the remaining 55% of the acquisition worth is payable upon the supply of the vessels.
The vessels will likely be geared up with digital major engines with high-pressure selective catalytic reactors (HPSCR) for Tier III (NOx Emissions) compliance, exhaust gasoline cleansing programs (EGCS – generally known as scrubbers) for Tier II (NOx Emissions) compliance, and ballast water therapy programs (BWTS).
Andreas Michalopoulos, Efficiency Transport’s chief govt officer, stated, “These shipbuilding contracts complement the earlier contract we entered into with SWS in March 2023 for a Tier III product/crude oil service scheduled for supply round October 2025. The development of those LNG-ready LR2 oil tankers, geared up with the newest high-specification engines and assembly stringent emission necessities, together with scrubbers and water ballast therapy programs, will happen on the largest and most respected state-owned shipyard in China. Following the sale of our oldest, 2007 constructed, Aframax tankers, M/T P. Fos in October 2022 and M/T P. Kikuma in November 2023, the corporate is now poised to take supply of three similar “sister” vessels in late 2025 by means of early 2026. These gross sales and acquisitions represent our core fleet enlargement and renewal technique. We imagine that tanker fleet progress will attain historic lows within the coming years and sustaining a contemporary fleet amongst an growing older international fleet in periods of excessive seaborne commerce demand will end in sustainably robust fundamentals and better asset values.”
