In the tanker sector, Simatech has declared options for a pair of 52,000 dwt MR tankers at Korean shipyard Hyundai Mipo. The units are scheduled for delivery in the third and fourth quarters of 2025, with Clarksons citing a price of $46.6 million per unit.
Hyundai Mipo’s hugely popular 52,000 dwt series of tankers has been auctioned off heavily in recent weeks. Japan’s Nissen Kaiun, for example, signed eight similar vessels earlier this month.
The latest MR deals also highlight how new home prices have skyrocketed this decade. At the height of the Covid crisis in late 2020, a new MR would cost about $32 million to build at a Korean shipyard, according to Braemar. Today it’s $46.6 million.
“New home prices are cyclical. But today’s high prices could be with us for a while. Even if MR freight rates settle in 2024 at the levels suggested by today’s FFA market, we wouldn’t expect a large drop in yard prices,” Braemar noted in a new tanker report.