Tsakos behind Sungdong Suezmax order

Sungdong Shipbuilding & Marine Engineering of South Korea has secured an order for two 158,000DWT Suezmax tankers from a leading tanker company. A yard official declined to disclose the shipowner’s identity but sources close to Sungdong say it is Tsakos of Greece.

The contracts end Sungdong’s order drought and are thought to be the first Suezmaxes booked in 2009. They are understood to be for delivery in 2011. “We are all very excited that we have sealed this deal and we are glad that the owner is continuing to give us his support,” said the official. The newbuildings will measure 274.2m long and 48m wide. With the latest order, Sungdong’s order backlog expanded to 84 ships with a total value of $6.3 billion.

Tsakos is a previous client of Sungdong, having taken delivery of six 75,000DWT products tankers in the past 12 months. Four 170,000DWT Capesizes are also set to be handed over in 2010.

Newbuilding brokers say emerging South Korean yards have been aggressively marketing themselves to shipping companies, offering attractive prices. They believe Tsakos is paying more than $70m each for the latest pair, indicating that tanker-newbuilding prices have fallen at least 20% since the downturn began. Compatriot owner Meandros Lines was said to be paying close to $100m for a 159,000DWT Suezmax tanker booked at Sungdong last August.