Greek Owners Expand VLCC Fleets as Tanker Market Heats Up

Greek shipowner Pantheon Tankers Management has joined the rush of Greek owners expanding their VLCC fleets, ordering four 306,000 dwt VLCCs at China's Hengli Heavy Industry. This follows recent VLCC orders from other prominent Greek owners like Angelicoussis Group and Tsakos Energy Navigation. The surge in VLCC orders from Greek owners comes as the tanker market has strengthened significantly in recent months. Freight rates for VLCCs on the key Middle East to China route have risen from around $20,000 per day at the start of the year to over $80,000 per day currently, according to Clarkson data cited by *Splash247*. The strong tanker market is being driven by a combination of factors, including the EU's ban on Russian oil imports, OPEC+ production cuts, and increased Chinese oil demand as the country's economy rebounds. This has led to a tightening of global oil supply and increased ton-mile demand for crude tankers. 'Greek owners have historically been quick to capitalize on upswings in the tanker market, and the current VLCC ordering spree is no exception,' said a shipping analyst at a leading maritime research firm. 'With the tanker market outlook remaining positive, we can expect to see further fleet expansion from these savvy Greek owners in the coming months.' The new VLCC orders from Pantheon Tankers follow the company's recent acquisition of two modern VLCCs on the secondhand market. The company is now positioning itself as a significant player in the large crude tanker segment alongside other prominent Greek owners.