Vellis Family in for Pair of LR2s at Hyundai Philippines

Why It Matters

The acquisition boosts Delia’s market presence in the mid‑size product tanker segment and reflects renewed confidence in Asian shipbuilding capacity amid a post‑pandemic freight upturn.

Key Takeaways

• Delia orders two 115,000 dwt LR2 tankers.
• Each vessel priced around $76 million.
• Deliveries scheduled for 2028 and 2029 from Subic.
• Expands Delia’s tanker fleet beyond existing aframaxes and MR2.
• Highlights rising newbuild demand in Asian shipyards.

Pulse Analysis

The Vellis‑backed Delia Group is positioning itself for the next wave of product tanker growth by securing two LR2 vessels from Hyundai’s Subic facility. LR2 carriers, typically ranging from 80,000 to 120,000 deadweight tons, fill a niche between larger crude tankers and smaller coastal ships, making them ideal for regional oil product trades in Asia and Europe. By targeting a 115,000‑dwt specification, Delia aligns its fleet with the sweet spot for high‑value, time‑sensitive cargoes, while the $76 million price tag reflects current market pricing for newbuilds in a competitive shipyard environment.

Asian shipyards, particularly in the Philippines, have benefited from a resurgence in demand as European yards face capacity constraints and higher labor costs. Hyundai’s Subic yard offers a strategic advantage with its proximity to key Pacific trade routes and a skilled workforce capable of delivering complex tanker designs on schedule. The 2028‑2029 delivery window dovetails with expected upturns in global oil product demand, driven by economic recovery in emerging markets and tighter supply‑demand balances in the United States. This timing allows Delia to deploy the vessels when charter rates are projected to rise, enhancing fleet profitability.

For the broader shipping industry, Delia’s move signals confidence in both the mid‑size tanker segment and Asian shipbuilding reliability. As owners diversify away from ultra‑large crude carriers toward more versatile product tankers, orders like these help stabilize shipyard order books and support regional employment. Moreover, the expansion reinforces Delia’s strategic shift from a diversified but modest fleet to a more focused, scale‑efficient tanker operation, positioning the group to capture higher yields in a market that rewards flexibility and timely delivery.