Chemnav Shipmanagement, based in Athens, has expanded its Suezmax tanker construction program by ordering two new tankers in China. The company, backed by Paul Coronis, has recently signed a contract for two 158,000 dwt tankers at Penglai Zhongbai Jinglu Ship Industry. These tankers are expected to be delivered in 2029.
Details of the New Contract
This new contract follows a low-margin order for two Suezmax tankers at New Times Shipbuilding last September. The delivery of these tankers is also scheduled for the first quarter of 2029. Chemnav has currently updated its website and confirmed that four new Suezmax tankers are under construction for early 2029 and early 2030, but has not disclosed the names of the shipyards.
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Current Status of Chemnav
Chemnav currently has six tankers under construction in China and South Korea. This includes two 50,000 dwt MR tankers ordered at K Shipbuilding for delivery in 2027. Founded in 2006, Chemnav currently manages 17 crude and product tankers and has returned to South Korean shipyards in 2023 after a long absence.
The company previously ordered three MR tankers at K Shipbuilding and expanded this program in 2024. Chemnav has also operated a second-hand Suezmax tanker after purchasing a 2003-built vessel from Teekay Tankers a few years ago.
Penglai Jinglu's Position in the Tanker Market
For Penglai Jinglu, the new contract helps expand this Chinese builder's entry into the larger tanker market. This builder has also received an order for four Suezmax 157,000 dwt tankers from Eastaway, the tanker branch of X-Press Feeders based in Singapore. The delivery of these tankers is also pushed to 2030. Reported prices for these tankers have been around $80 million each, although a guiding price for Chemnav's latest pair has not yet been announced.
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