Pistiolis Group Secures First MR Pair at K Shipbuilding, Extending Tanker Ordering Spree
Key Takeaways
- •The Pistiolis-linked group is tied to two 50,000 dwt MR product and chemical tankers at K Shipbuilding for delivery around mid-2028, its first slots at that South Korean yard.
- •K Shipbuilding separately confirmed contracts for six product and chemical tankers with European and Middle Eastern owners worth a combined KRW510bn ($368m), with deliveries starting in the first half of 2028.
- •The newbuildings will comply with EEDI Phase III requirements and are designed for straightforward future conversion to LNG or methanol propulsion.
- •Central Group ordered 10 firm MR newbuildings at Guangzhou Shipyard International in a deal approaching $500m, and nine of those contracts were later acquired by Pistiolis-controlled Top Ships.
- •The wider Pistiolis platform also ordered three 49,940 dwt MR tankers at HD Hyundai Vietnam Shipbuilding for 2029 delivery.
Greek shipowner Evangelos Pistiolis has been linked to a further pair of MR tanker newbuildings, this time securing his first construction slots at South Korea's K Shipbuilding.
Market sources have tied the Central Mare-led group to two 50,000 dwt product and chemical tankers scheduled for delivery around the middle of 2028. MRs, the workhorse class of the product trades, have been among the most heavily ordered tanker segments in recent ordering cycles.
Separately, K Shipbuilding has confirmed contracts with European and Middle Eastern owners covering six product and chemical tankers worth a combined KRW510bn ($368m). The package comprises two 50,000 dwt MRs and four 74,000 dwt LR1s, two of the latter being options, with deliveries beginning in the first half of 2028. The Korean yard did not identify the owners.
No individual contract price has been disclosed for the Pistiolis-linked pair. The ships will meet EEDI Phase III requirements, the strictest tier of the IMO's Energy Efficiency Design Index carbon-intensity rules for newbuilds, and are being designed to allow a relatively straightforward future switch to LNG or methanol propulsion — a design approach increasingly common as owners prepare for tightening shipping-emissions regulation.
The move extends an aggressive tanker investment run by the Pistiolis camp this year.
Splash reported in February that privately held Central Group had placed 10 firm 50,000 dwt MR newbuildings at Guangzhou Shipyard International in a deal approaching $500m, marking the group's first newbuilding programme in China after years of favouring South Korean yards.
Much of that Chinese programme has since migrated into Pistiolis-controlled Top Ships. SEC filings show the listed owner acquired companies holding nine of the GSI newbuild contracts.
The wider Pistiolis platform has also added three 49,940 dwt MR chemical/product tankers at HD Hyundai Vietnam Shipbuilding for delivery in 2029.
The K Shipbuilding pair therefore adds another yard to a newbuilding drive that has spread across China, Vietnam and South Korea during 2026, underscoring how the group has diversified its yard relationships across Asia's mid-sized tanker building capacity.
