Adam Polemis’ New Shipping is set to mark a return to the tanker newbuilding market, with suezmaxes lined up in South Korea.
The prominent Greek owner has reportedly signed a letter of intent with Samsung Heavy Industries (SHI) for two firm suezmaxes, with delivery pencilled in for 2028. If confirmed, construction will take place at HSG Sungdong Shipbuilding, a block maker now re-entering full shipbuilding. The deal could be expanded to four vessels in total.
Shipbuilding sources have put the price around $83m per ship, slightly below the $87m level reported for recent Korean suezmax orders, including a pair recently fixed by Evalend at HD Hyundai.
The Samsung deal would be New Shipping’s second attempt at securing suezmaxes this year. In July, the Polemis company was linked to up to four units at CSSC Qingdao Beihai in China, but shipbrokers say that the deal did not progress.
Shipping databases list Polemis’ vehicle with more than 25 vessels across tankers and bulkers. The owner was also recently linked to the purchase of the LR2 newbuilding Hesperia Tide from Zhoushan Changhong yard in China at about $70m.
For Samsung, the move highlights its push to outsource tanker construction as its orderbook expands. In July, the shipbuilder signed a cooperation deal with Sungdong to handle part of its workload. The South Korean yard, once one of the top 10 shipbuilders and which until now mainly built blocks for others, is positioning itself for a broader return to full shipbuilding.
