Greek Shipowner Procopiou Expands VLCC Fleet with Major Newbuild Orders

In the latest move to grow his tanker fleet, prominent Greek shipowner George Procopiou has ordered four new 306,000 DWT very large crude carriers (VLCCs) at China's Hengli Heavy Industry shipyard, according to a report from Splash247. The new VLCC orders were placed through Procopiou's Dynacom Tankers Management, and industry sources estimate the total value of the contracts to be between $400 million and $600 million. This latest investment is part of Procopiou's ongoing strategy to expand his presence in the large crude carrier segment. Over the past year, he has placed several other VLCC newbuild orders, including a batch of six 300,000 DWT ships at Hyundai Heavy Industries. "Procopiou has been very active in the VLCC space, consistently growing his fleet through newbuild orders," commented a shipbroker familiar with the Greek owner's activities. "This latest deal with Hengli is another step in that direction as he looks to capitalize on the robust tanker market." The new VLCCs are scheduled for delivery between 2024 and 2025, according to Splash247. Procopiou's Dynacom Tankers currently operates a fleet of over 50 vessels, the majority of which are crude oil tankers. The continued investment in large crude carriers by Procopiou and other leading Greek shipowners reflects their confidence in the tanker market's long-term prospects, despite the current volatility caused by factors like the Russia-Ukraine conflict and global economic uncertainty.