Contract details announced
The latest weekly briefing from shipbroker Banchero Costa reveals that International Seaways has entered into a contract for four new 65,000 deadweight tonne (dwt) product tankers with South Korean yard K Shipbuilding. Each vessel is priced at approximately USD 61 million, and the delivery schedule spans from August 2028 to November 2029.
Strategic timing amid a busy market
The order arrives as new‑building activity remains vigorous across multiple segments, according to the same broker’s report. While dry‑bulk orders such as Uni‑Asia Finance’s two 40,000 dwt bulk carriers at Imabari also feature in the week’s data, the International Seaways deal stands out for its size and timing within the product tanker market.
Implications for fleet renewal
International Seaways, a Greek‑registered operator with an established presence in the regional oil products trade, is poised to modernise its fleet through these vessels. The specification of 65,000 dwt places the ships in the medium‑size product tanker category, offering flexibility for both short‑haul and longer routes in Europe and the Mediterranean.
Market context
Broker notes suggest that activity in the broader tanker secondary market has been subdued, with limited transaction flow across most size ranges. Nonetheless, the willingness of a Greek operator to commit capital to new builds indicates confidence in future demand for product transport, despite the slower pace observed in the VLCC and MR2 segments.
Financing and pricing
The reported unit price of roughly USD 61 million aligns with recent comparable contracts for vessels of similar deadweight. While detailed financing terms were not disclosed, the contract’s publicized value suggests that International Seaways is leveraging favourable market conditions to lock in shipyard capacity ahead of anticipated demand growth.
What this means for operators
For ship owners and charterers, the agreement signals a renewed appetite for new‑build product tankers, potentially tightening supply in the near term once deliveries commence. Operators should monitor yard schedules at K Shipbuilding for possible spill‑over capacity that could be offered to other parties. Additionally, the pricing benchmark set by this deal may serve as a reference point for negotiations on similar vessels slated for construction over the next two years.
