Procopiou lines up $1bn Hengli eight-ship package

George Procopiou's Dynacom has announced a substantial newbuilding agreement with China's Hengli Heavy Industries for the construction of eight vessels worth close to $1 billion. The order will further expand one of the largest owner-yard programmes in shipping, as reported by Splash 247 and SeaNews Türkiye.

Contract Details

The deal covers six Very Large Ammonia Carriers (VLACs) with a capacity of 93,000 cubic meters and two 306,000 dwt Very Large Crude Carriers (VLCCs), according to industry sources. Hengli Heavy Industries has confirmed the contracts, but did not break down the vessel types publicly. Splash 247 notes that shipbuilding sources have provided further details about the mix.

Previous Contracts and Procopiou’s Fleet Expansion

Dynacom had initially ordered two 93,000 cubic meter VLACs from Hengli in July 2026, with delivery expected in 2028. At the time, market indications put the vessels at approximately $115 million each. The latest order brings the total number of ships Dynacom has booked with Hengli to beyond 50, spread across VLCCs, VLACs, suezmax tankers and kamsarmax bulkers.

Procopiou's family company Akrotiri Tankers is also involved in this significant newbuilding program. The deal marks another step into the ammonia carrier sector for Procopiou, who only entered it earlier that summer, as reported by TradeWinds. Dynacom had booked its first two 93,000 cu m VLACs at Hengli in July, and the additional six would take the company's VLAC program at the yard to eight ships.

Procopiou’s Tanker Fleet

In addition to the new VLACs, Dynacom has also been taking advantage of soaring tanker asset values. The company recently ordered four more VLCCs from Hengli in August 2026, expanding its crude oil tanker fleet significantly. With these latest deliveries, Procopiou’s VLCC program associated with Hengli will reach a total of 20 vessels, including the four already delivered.

The market indicates that the value for each of the new VLCCs is around $135 million to $140 million, according to Xinde Marine News. The new order elevates the collaboration between Procopiou and Hengli to an extraordinary scale, with the two parties' program encompassing a total of 50 vessels, including 13 Kamsarmax, 9 Suezmax, 20 VLCCs, and 8 VLACs.

Implications for Operators

The substantial investment by Procopiou in newbuilding programs reflects ongoing market confidence. With the expansion of its fleet, Dynacom aims to secure a dominant position within the crude oil and ammonia carrier sectors. For operators in these markets, this news underscores the need to stay agile and responsive to the evolving demands of the shipping industry.

The order could also influence market dynamics, particularly in the VLAC and VLCC segments, as more vessels enter the market. Shipowners considering newbuilding projects may find themselves facing increased competition and higher market entry costs due to Procopiou's extensive investment.