Thenamaris Broadens Tanker Newbuild Programme

Why It Matters

The expanded order book strengthens Thenamaris’ position in the global tanker market and supports fleet renewal ahead of anticipated demand growth for clean‑fuel vessels.

Key Takeaways

• Thenamaris orders two 50,000 dwt MR2 tankers from Hyundai for 2028
• Three 114,000 dwt Aframax/LR2 new‑builds placed with Dalian Shipbuilding, due 2029‑2030
• Aframax/LR2 backlog doubles to six vessels after DSIC contract
• Order book rises to 12 vessels, boosting a fleet of 90 ships
• Two Suezmax tankers and two dual‑fuel ammonia carriers also under construction

Pulse Analysis

The tanker sector is entering a period of rapid transformation as stricter emissions standards and shifting trade patterns drive demand for newer, more efficient vessels. Greek owner Thenamaris, which already operates a fleet of over 90 ships, has accelerated its renewal strategy by adding a slate of new‑build contracts across both the second‑hand and green‑fuel markets. By diversifying its order book between product tankers, crude carriers and emerging ammonia‑fuel ships, the group is positioning itself to capture higher freight rates while mitigating regulatory risk.

The latest contracts include two 50,000‑dwt MR2 product tankers from Hyundai Heavy Industries slated for 2028, and three 114,000‑dwt Aframax/LR2 vessels from Dalian Shipbuilding scheduled for 2029‑2030. This second Aframax/LR2 order doubles Thenamaris’ backlog in the segment, giving the company a stronger foothold in the mid‑size crude market where demand is expected to rise as Asian refiners expand capacity. In parallel, the firm has two Suezmax tankers under construction in Shanghai and two dual‑fuel very large ammonia carriers at Jiangnan Shipyard, reflecting a bet on low‑carbon fuels that could command premium charters.

By spreading its orders between South Korean and Chinese yards, Thenamaris benefits from competitive pricing and diversified supply chains, a tactic that many owners are adopting amid lingering pandemic‑related disruptions. The expanded order book lifts the company’s total new‑build commitments to 12 vessels, a scale that can improve financing terms and attract equity investors seeking exposure to the growing demand for environmentally compliant tankers. As global oil flows stabilize and the market for ammonia‑fuel ships matures, Thenamaris’ aggressive fleet‑renewal program positions it to capture both traditional crude freight and emerging clean‑energy logistics opportunities.