Greek Tanker Owner Andriaki Breaks 10-Year Newbuilding Hiatus with Rare China Order

Greek tanker firm Andriaki Shipping has placed a rare order for two LR1 product carriers at China's New Times Shipbuilding, marking its first newbuildings in a decade. The conservative shipowner, part of the traditional NJ Goulandris Maritime group, is joining a wave of Greek shipping companies expanding their fleets.

Each vessel is priced at approximately $54.8 million, according to European and US brokers. The order signals a strategic shift for Andriaki, which has historically focused on secondhand tonnage. The newbuildings will be delivered in 2026 and 2027, enhancing the company's presence in the product tanker segment.

This move aligns with broader trends in the tanker market, where strong freight rates and favorable supply-demand dynamics are encouraging owners to invest in modern, fuel-efficient vessels. Andriaki's decision to build in China underscores the growing competitiveness of Chinese shipyards in the tanker sector.