Harry Vafias, the owner of a Greek shipping company, has recently expanded his tanker construction program in South Korea by adding four new tankers. This program includes two Very Large Crude Carriers (VLCC) and two LR2 product tankers, with the total value of the contracts estimated at approximately $422 million.
Contract Details
Stealth Maritime, which is backed by Harry Vafias, has contracted for two VLCC tankers with a capacity of 320,000 tons at Hanwha Ocean and two LR2 tankers with a capacity of 115,000 tons at HD Hyundai Heavy Industries. These new contracts have recently been identified, bringing the total number of tankers ordered by Stealth to 20. Given that the broader program includes approximately $2.05 billion in orders, these moves demonstrate Vafias's determination to expand his fleet.
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Delivery Times and Prices
The new VLCC tankers are expected to be delivered in 2030, while the LR2 tankers will be added to the fleet in 2029 and 2030. According to the announced prices, each VLCC tanker is priced at about $133 million, and each LR2 tanker is priced at approximately $78 million.
These recent moves come after Stealth's return to VLCC contracts earlier this year, when Vafias ordered two 320,000-ton tankers at Hanwha Ocean for nearly $132.5 million each. These contracts represent his return to this sector after about two decades of absence.
Additionally, Vafias added two MR tankers with a capacity of 50,000 tons from HD Hyundai Heavy Industries in July, expanding a program that includes Suezmax, LR2, and MR tankers at South Korean shipyards.
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