Emarat Maritime has added six new LR1 class tankers to its fleet. These tankers are of 74,000 dwt type and will be built in China. With the addition of these six tankers, the company's fleet will increase to 22 new ships under construction.
Details of the Shipment and Delivery Timeline
According to the fleet registration of the company, the first two tankers will be delivered in 2029 and the other four tankers in 2030. Information available in the shipbuilding database indicates that these six tankers will be constructed at the Jiangsu New Hantong Ship Heavy Industry factory in China. The contract price for these tankers has not yet been disclosed.
Market Analysis and Comparison with Similar Contracts
Some similar contracts in China for LR1 tankers have been around 55 million dollars per ship. For example, the company Evalend, led by Kriton Lendoudis, paid about 220 million dollars for four 74,000 dwt ships this summer. Considering these prices, the value of Emarat Maritime's six new tankers could be around 330 million dollars, although the actual contract terms have not yet been specified.
The increase in the number of LR1 tankers will strengthen Emarat Maritime's presence in this sector. The company's operational fleet currently includes three older tankers of similar size, including the Dubai Diamond and Dubai Gold tankers built in 2007 and the Dubai Green tanker built in 2005. With the delivery of the six new tankers, the company's LR1 fleet will triple.
Fleet Development and Diversification in Transport
Emarat Maritime is also expanding its fleet towards gas transportation. The company has four very large ammonia carriers with a capacity of 93,000 cubic meters under construction, with two ships scheduled for delivery in 2027 and two more in 2028. The price of these ships is estimated to be around 105 to 110 million dollars.
Additionally, Emarat Maritime has also expanded into container transportation. The company signed a contract last June for three feeder ships of 930 teu. The current fleet of the company includes six new tankers, with four ships scheduled for delivery in 2028 and two ships for delivery in 2029.
In total, Emarat Maritime now has plans to build 12 new tankers, four large gas carriers, and six container feeder ships. This major expansion for a company whose operational fleet consists of 19 ships represents a significant step towards expanding its maritime activities.
