Great Eastern Shipping is adding a new tanker with a capacity of 157,000 tons to its fleet. This tanker will be purchased to modernize the fleet, aiming to increase efficiency and reduce the average age of the fleet. This move is part of the company's strategy to renew its fleet, which has so far focused more on acquiring second-hand tankers.
Details of the new tanker
This tanker will be built at an advanced shipyard in East Asia and is expected to be delivered to the company in the second half of the fiscal year 2028-29. The exact delivery date is estimated to be between October 2028 and March 2029. No information has been released regarding the purchase price, propulsion details, or the name of the shipyard. However, Great Eastern has stated that this purchase will be financed through internal resources.
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Market analysis and renewal strategy
According to shipping sources, this tanker is being built in Vietnam under the construction program of Samsung Heavy Industries for Zodiac Maritime, owned by Eyal Ofer, and it is estimated that the construction cost will be around $85 million. Currently, Great Eastern owns 40 vessels with a total capacity of 3.24 million tons, including 25 tankers and 15 bulk carriers. The company's tanker fleet consists of five crude tankers, 16 product tankers, and four LPG tankers.
This new tanker purchase contract represents a shift in the company's purchasing strategy, which has focused more on acquiring second-hand tankers in recent years. Reports indicate that the company's expenditures on purchasing second-hand vessels have exceeded $200 million since September 2025. This includes several purchases of Kamsarmax tankers, the purchase of the MR2 tanker Ardmore Engineer for $35.5 million, and a deal worth $72 million for the LR2 tanker Seriana.
In addition to the new tanker purchase, Great Eastern has also taken steps to sell older vessels. Since September 2025, the company has sold seven ships for approximately $163.35 million, including the sale of the 2005-built Suezmax tanker named Jag Lok for around $26 million.
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