Capital Maritime, under the leadership of Evangelos Marinakis, is gearing up for a significant expansion with plans to invest approximately $1.55 billion in shipbuilding contracts at two major South Korean shipyards. This strategic move occurs against a backdrop of growing concerns regarding potential US port fees targeting vessels built in China.
Investing in Innovation
The company is reportedly finalizing a deal with HD Hyundai Samho for six liquefied natural gas (LNG) dual-fuel boxships, each capable of carrying 8,800 twenty-foot equivalent units (TEU), with an estimated price of around $140 million per vessel. This deal alone would amount to an impressive total investment of about $840 million. Notably, these vessels will feature expanded LNG fuel tanks, enhancing both their cruising range and operational efficiency, aligning with industry trends towards sustainability.
Expanding the Fleet
In addition to the larger LNG vessels, Capital Maritime plans to sign contracts for eight container ships with a capacity of 2,800 TEU and six additional vessels with a capacity of 1,800 TEU at HD Mipo. The scrubber-equipped 2,800 TEU ships are expected to cost around $55 million each, while the smaller 1,800 TEU vessels are projected at $45 million each, bringing their total investment in this segment to roughly $710 million. These smaller ships will be designed with increased auxiliary power, paving the way for future integration of onboard CO2 capture systems.
Delivery Timeline and Market Context
Once contracts are officially signed, the expected delivery dates for these new vessels are slated for 2027 and 2028. Last year, Capital Maritime secured contracts for 10 boxships, each with an 8,800 TEU capacity, from New Times Shipbuilding in China. The company has also been exploring additional orders in China for vessels with capacities of 4,300 TEU and 7,000 TEU, although discussions have slowed as stakeholders await insights from upcoming US hearings.
Recent Orders and Fleet Growth
To further bolster its portfolio, Capital Maritime has recently placed orders for two conventionally fueled Very Large Crude Carriers (VLCCs) from Hanwha Ocean in South Korea, valued at around $130 million each. This escalates Capital Maritime’s total expenditure at South Korean shipyards in recent weeks to an impressive $1.81 billion.
With a diverse order book encompassing at least 80 newbuildings—ranging from VLCCs, Suezmax, and Aframax tankers to container ships, LNG carriers, LPG vessels, and platform supply vessels—Capital Maritime is positioning itself as a formidable player in the global maritime industry.
As the company expands its fleet, industry observers will be keenly watching how these developments unfold amidst ongoing regulatory changes and evolving market dynamics.
