London-based shipowner Zodiac Maritime continues expanding its newbuilding programme with fresh orders for LNG dual-fuel car carriers and suezmax tankers at Chinese shipyards.
Eyal Ofer’s company has ordered two 7,000 CEU LNG dual-fuel pure car and truck carriers (PCTCs) at Yantai CIMC Raffles, with delivery scheduled for 2028.
The latest contract strengthens Zodiac’s position in the rapidly growing vehicle carrier market, driven by rising Chinese vehicle exports. The company already operates a fleet of 22 PCTCs and has previously chartered vessels to Chinese automakers BYD and Geely.
The new order follows the delivery of 10 previously contracted car carriers from the same yard. Zodiac’s original agreement with Yantai CIMC Raffles, signed in 2021, covered four firm vessels with options for up to 12 ships. Earlier contracts were valued at around $83 million per vessel, while ships ordered in 2023 reportedly cost about $92.5 million each.
At the same time, Zodiac has expanded its crude tanker orderbook with four suezmax tankers at Jiangsu New Hantong Ship Heavy Industry in China.
The latest quartet, scheduled for delivery in 2029, increases Zodiac’s suezmax orderbook to nine vessels. Brokers currently estimate the value of comparable suezmax newbuildings at around $89 million per ship, putting the potential value of the deal at approximately $356 million.
With all nine vessels delivered, Zodiac’s suezmax fleet is expected to roughly double by the end of the decade.
The company has also previously booked a series of VLCCs at New Hantong, with shipbuilding databases indicating up to 10 VLCCs on order at the yard. Recent VLCC contracts were reportedly priced at around $120 million per vessel.
Including ships under construction, Zodiac now has around 80 tankers either on order or already in service across crude, product, gas and chemical tanker segments.
The latest orders come as the company broadens its exposure to alternative fuel shipping. Earlier this month, Zodiac entered the ammonia carrier segment through a newbuilding deal with South Korea’s Hanwha Ocean.
