Splash247: Pistiolis in for 10 MR tanker newbuilds in China

Greek shipowner Evangelos Pistiolis has re-entered the newbuilding market, placing an order for 10 MR product tankers in China in a deal approaching $500m.

Pistiolis’ privately held Central Group has signed up for the 50,000 dwt vessels at Guangzhou Shipyard International (GSI), marking the group’s first newbuilding contract in China after years of relying on South Korean yards.

The order was formally signed by China State Shipbuilding Corporation subsidiaries China Shipbuilding Trading Co (CSTC) and GSI. All 10 ships are firm, making it one of the largest MR tanker contracts booked so far this year. Delivery dates have not been divulged.

The move signals a shift in Pistiolis’ yard strategy. Central Group has historically placed its tanker newbuildings in South Korea, particularly at HD Hyundai Mipo Dockyard, but has now turned to China as Chinese yards continue to attract higher-profile tanker owners.

The vessels will be based on a GSI-developed design, measuring around 183 m in length with a 32.2-m beam. They are expected to sail at about 14.5 knots and will feature a 6+1 cargo tank configuration. The ships will be built to meet the latest IMO and environmental regulations, including Tier III emission standards, with fuel-saving and emissions-reduction systems included.

Pistiolis is the founder of Central Group, which controls a cluster of shipping and commercial entities including Central Shipping, Central Mare and Central Tankers Chartering. He is also the founder and major shareholder of New York-listed tanker owner Top Ships.

The group has long focused on MR product tankers, while also operating dry bulk and container tonnage. Central is known for its hands-on approach to ship construction and management, with long-standing relationships across the oil major chartering market, including Shell and BP.

The latest order adds to a long history of large-scale asset investment by the Pistiolis-led group. Since 2000, Central has completed more than $7bn in vessel sale and purchase transactions and rolled out one of the industry’s more extensive tanker newbuilding programmes, spanning around 40 medium to ultra-large crude and product tankers.