In a move that marks a change in strategy in newbuildings, shipowner Evangelos Pistiolis is turning to China for the first time in years, placing an order for 10 product tankers through Central Group.
His company has agreed with Guangzhou International Shipyard to build 10 MR product tankers, with a capacity of approximately 50,000 dwt. According to market sources, this is an investment of close to 500 million dollars.
Central currently operates one handysize product tanker, the Eco Revolution (39,000 dwt, built 2016).
The MR tanker market is a familiar area for Pistiolis, who also operates in the crude oil sector. Evangelos Pistiolis’ New York-listed Top Ships operates six tankers – two VLCCs, one Suezmax and three MRs.