20 Vessels Worth $2 Billion! This Chinese Shipyard Lands the Deal! Greek Shipping Tycoon Strikes Again

Following the initial order of 10 vessels earlier this year, Greek shipping magnate George Economou has returned to Zhoushan Changhong International to place another order for 10 LNG dual-fuel container ships.

According to foreign media reports, TMS Group, owned by George Economou, recently signed a contract with Changhong International for 8+2 11,400 TEU dual-fuel LNG-powered container ships. The new vessels are scheduled for delivery in 2028. Including this latest order, TMS currently has 18+2 11,400 TEU dual-fuel vessels on order with Changhong International. This series of ships was independently developed by CIMC Offshore Research Institute (CIMC ORIC), which holds full intellectual property rights.

The specific price for the latest order has not been disclosed. However, it is understood that the first 10 vessels of the same type ordered by TMS Group from Changhong International in February this year were priced at approximately $140 million per vessel. Based on this calculation, the total value of the entire 20-vessel order amounts to approximately $2.8 billion (equivalent to RMB 19.812 billion).

For reference, Clarkson data indicates that the current newbuilding price for a 10,000/11,500 TEU dual-fuel LNG-powered container ship stands at approximately $141.5 million, down from $154 million in February this year.

Notably, the 10 newly contracted vessels represent speculative orders without long-term charter agreements, reflecting TMS Group's confidence in the future prospects of this vessel type. In contrast, the 10 identical vessels ordered earlier this year are under long-term charter to Israel's ZIM Integrated Shipping Services.

George Economou is one of Greece's largest shipping operators, overseeing seven companies across multiple sectors including dry bulk, oil tankers, liquefied gas carriers, and offshore engineering. His fleet exceeds 100 vessels, predominantly comprising oil tankers, bulk carriers, and LNG carriers. Economou has been active in the newbuilding market in recent years, placing orders for dozens of new vessels with Chinese and South Korean shipyards.

Currently, the company's fleet does not operate any container ships, but it is steadily expanding its container vessel order book. Last November, Economou re-entered the container ship market by placing its first-ever order for four conventional fuel-powered, 7,900 TEU container ships equipped with scrubbers at South Korea's HJ Heavy Industries. These vessels are reportedly chartered to Israel's ZIM and scheduled for delivery between Q3 2026 and Q4 2027.

Prior to the HJ Heavy Industries order, Economou had only briefly entered the container ship newbuilding market a decade ago. He converted two Newcastlemax bulk carriers originally ordered from Yangzijiang Shipbuilding into 11,000 TEU container ships, but this order was ultimately canceled. The two vessels were subsequently sold to Danish owner Navigare and Seaspan, the world's largest independent container ship owner.

In February this year, Economou's TMS Group signed an order with Changhong International for 10 dual-fuel LNG-powered container ships of 11,400 TEU capacity. This marks TMS Group's first investment in building dual-fuel container ships and Changhong International's first order for large container ships of 10,000 TEU or above from a Greek shipowner.

The latest order for TMS will further solidify Changhong International's leading position in container ship construction. According to Clarkson data, Changhong International currently holds orders for 50 container ships totaling approximately 8.04 million deadweight tons (CGT), ranking third among individual shipyards globally. It trails only New Century Shipbuilding (68 vessels, 9.48 million CGT) and New Yangtze Shipbuilding (92 vessels, 8.78 million CGT). This tally does not include TMS's latest order for 10 10,000-TEU vessels.

To meet container ship construction demands and accelerate production, Changhong International has retrofitted ship repair facilities leased from Jinhai Zhizao while investing hundreds of millions to add 800-ton and 1,000-ton gantry cranes. Multiple large gantry cranes now operate in parallel, providing enhanced equipment support for shipbuilding operations.

It is understood that Changhong International established its presence at the Jiangnanshan base of Daishan Jinhai Zhizao in 2021. The company now operates three major shipbuilding and repair industrial bases in Dinghai District, Putuo District, and Daishan County of Zhoushan City. These are: Zhoushan Changhong International Ship Repair Co., Ltd. (Headquarters), Zhoushan Putuo Changhong Ship Repair and Construction Co., Ltd., and Zhoushan CIMC Changhong Ship Repair and Construction Co., Ltd. It is a large-scale shipbuilding industrial enterprise integrating shipbuilding, ship repair, ship dismantling, and metal resource utilization across the entire industrial chain.

These three bases represent a total investment exceeding RMB 10 billion, covering over 6.5 million square meters with a combined shoreline exceeding 20,000 meters. They possess an annual shipbuilding capacity exceeding 5 million deadweight tons and an annual ship repair capacity exceeding 500 vessels. Collectively, the bases feature 12 dry docks with capacities of 300,000 tons, 100,000 tons, and 80,000 tons, two 150,000-ton horizontal slipways, and 12 outfitting piers.

According to Clarkson data, excluding the latest orders without TMS, Changhong International currently holds a total of 83 vessels worth approximately 11.33 million deadweight tons in its orderbook. This includes 50 container ships and 33 oil tankers, with delivery schedules extending through 2029.