Stealth Maritime Adds Two MR Tankers to $1.3 Billion South Korean Newbuilding Programme
Key Takeaways
- •Stealth Maritime has contracted two 50,000 dwt MR product tankers at HD Hyundai Heavy Industries priced at $53 million each, with delivery expected in the first half of 2029.
- •Brokers estimate that Stealth Maritime's cumulative South Korean newbuilding programme is now worth approximately $1.3 billion, encompassing at least 15 tankers under construction across multiple vessel classes.
- •Stealth re-entered the VLCC segment this year for the first time in roughly two decades, ordering two 320,000 dwt crude carriers at Hanwha Ocean for 2030 delivery at about $132.5 million each.
- •The Vafias Group currently manages a fleet of 46 vessels and includes three Nasdaq-listed entities alongside privately held Stealth Maritime and Brave Maritime.
Harry Vafias-backed Stealth Maritime has contracted two MR product tankers at HD Hyundai Heavy Industries, extending an extensive South Korean shipbuilding campaign that brokers estimate is now worth approximately $1.3 billion in total.
According to brokerage reports, the two 50,000 dwt vessels are priced at $53 million each, bringing the latest investment to $106 million. Delivery is scheduled for the first half of 2029. Neither Stealth Maritime nor HD Hyundai Heavy Industries has publicly confirmed the contract, though Greek financial media have independently reported the same pricing and delivery timeline. The 2029 delivery window underscores how fully booked South Korea's top-tier shipyards remain, with slots at HD Hyundai Heavy Industries and peer builders largely committed through the late 2020s following a sustained wave of owner contracting.
Orderbook data reviewed by Splash indicates that Stealth currently has at least 15 tankers under construction across South Korean shipyards. The programme spans multiple vessel classes, including MR product tankers, LR2s, suezmaxes, and VLCCs.
Earlier this year, Stealth exercised options for two additional suezmaxes and two additional LR2s at HD Hyundai yards, bringing its total at the South Korean builder to eight vessels across those two segments. The four option vessels were valued at approximately $326 million and are slated for delivery through the first half of 2029.
Stealth also re-entered the VLCC market this year, ordering two 320,000 dwt crude carriers at Hanwha Ocean for delivery in 2030. Priced at roughly $132.5 million each, the order represented Vafias' first investment in the largest crude carrier segment in approximately two decades.
Stealth Maritime's currently managed fleet stands at 46 vessels, comprising 17 tankers and 29 LPG carriers. The broader Vafias Group encompasses three Nasdaq-listed entities — StealthGas, Imperial Petroleum, and C3is — alongside privately held Stealth Maritime and Brave Maritime. The scale of the newbuilding programme, spread across multiple tanker segments and two of South Korea's largest builders, positions the group to renew and expand its tanker fleet substantially as deliveries begin in 2029.