Vafias Expands Tanker Orderbook with $422m South Korean Deal

Harry Vafias-backed Stealth Maritime has expanded its South Korean newbuilding program with orders for four additional tankers, a move that pushes the company’s total tanker investment to approximately $2.05 billion. The latest contracts involve two 320,000 dwt VLCCs at Hanwha Ocean and two 115,000 dwt LR2 product tankers at HD Hyundai Heavy Industries.

The deal, estimated at $422 million, sees the VLCCs priced at approximately $133 million each and the LR2s at roughly $78 million apiece. These additions bring the Stealth Maritime tanker orderbook to 20 vessels, marking a significant escalation in the Greek owner’s exposure to the crude and product sectors.

The delivery schedule for these vessels highlights the extreme tightness of berth availability at top-tier South Korean yards. The LR2 pair is scheduled for delivery across 2029 and 2030, while the VLCCs are not expected until 2030. By committing to slots nearly six years in advance, Stealth Maritime is securing a competitive position in a market where modern, eco-compliant tonnage is expected to remain scarce as the global fleet continues to age.

This expansion follows Vafias’s strategic return to the VLCC segment earlier this year, which ended a two-decade hiatus from the asset class. In that initial move, the owner booked two 320,000 dwt ships at Hanwha Ocean for approximately $132.5 million each. The decision to return to the same yard for the latest VLCC pair suggests a focus on series standardization, which can offer operational and maintenance efficiencies across a uniform fleet of heavy crude carriers.

Stealth Maritime’s broader program now encompasses a diverse range of tanker sizes, including suezmaxes, LR2s, and MRs. The company recently added two 50,000 dwt MR product tankers at HD Hyundai Heavy Industries in July, further diversifying its delivery pipeline through the end of the decade.

Source: Splash247