Recently, Pantheon Tankers, a renowned Greek tanker owner, has returned to the MR product tanker newbuilding market, placing an order with COSCO Shipping Heavy Industry (Guangdong) for two 50,000 dwt MR product tankers, with delivery scheduled for 2029.

Pantheon Tankers is led by Anna Angelicoussis, a member of the Greek shipping family Angelicoussis.

This order for two new vessels at COSCO Shipping Heavy Industry (Guangdong) marks the company's return to the MR product tanker newbuilding market after nearly a decade. Currently, Pantheon Tankers operates a fleet of 42 tankers of various sizes, covering mainstream vessel types including VLCCs, Suezmax tankers, and MR medium-range tankers.

Commenting on the newbuilding order, Antonis Kanellakis, Executive Director of Pantheon Tankers, said during this summer's Posidonia maritime exhibition: "Current newbuilding prices, while high, are far from the levels seen in 2008. I am not saying that tanker newbuildings are cheap today, nor do I consider this an easy investment decision. However, given the current market context—including inflation, geopolitical conditions, and the price gap with second-hand vessels—ordering newbuilds is indeed a prudent move."

The global MR tanker newbuilding market continued to strengthen in 2026. According to statistics from shipbroker Xclusiv, as of the end of July, shipowners worldwide had contracted a total of 104 MR2 tankers, ranking second among tanker segments in terms of order volume, only behind VLCCs. The current orderbook-to-fleet ratio for the MR tanker segment has exceeded 17%, while the industry's average fleet age has surpassed 12.5 years, driving a concentrated release of replacement demand for aging vessels.

COSCO Shipping Heavy Industry (Guangdong) has recently secured a steady stream of high-end tanker orders, having successively won MR tanker newbuilding projects from multiple international shipowners including Thenamaris and Safety Management Overseas. This latest contract with a leading Greek owner further consolidates its market position in the medium-range product tanker construction segment.