Stealth Maritime expands tanker orderbook with Hyundai MR2 pair

Stealth Maritime, the tanker and LPG carrier management arm of Greek shipowner Harry Vafias, has expanded its newbuilding programme with an order for two medium-range product tankers.

The MR2 vessels have been contracted at HD Hyundai for delivery in 2029 and are understood to cost approximately $53m each, including upgraded specifications.

The latest agreement increases Stealth’s tanker orderbook to 16 vessels, representing a total investment of around $1.4bn. The programme includes two VLCCs ordered from Hanwha Ocean, four Suezmaxes, four Aframaxes and six MR2 tankers.

The VLCC order marks the Vafias Group’s return to the sector for the first time since selling its last vessels in 2008. All the group’s current newbuildings have been placed with South Korean shipyards, reflecting Harry’s longstanding preference for construction in South Korea and Japan rather than China.

Harry Vafias has nevertheless expressed concern about the scale of global ordering activity, warning that an end to the conflicts in Ukraine and the Middle East could trigger a rapid deterioration in tanker rates.

The Vafias Group appears well positioned for a downturn, operating 110 vessels across five private and publicly listed companies, all of which are debt-free.