2409.HK
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2409.HK
Against the backdrop of intensifying global shipping market fragmentation and persistently high newbuilding prices, Zodiac Maritime, the UK's largest diversified shipowner under Israeli shipping m
Against the backdrop of intensifying global shipping market fragmentation and persistently high newbuilding prices, Zodiac Maritime, the UK's largest diversified shipowner under Israeli shipping magnate Eyal Ofer, is advancing its largest fleet renewal and expansion plan in its history at an astonishing pace.
As of recently, Zodiac holds over 50 newbuilding orders, with delivery deadlines extending to 2030 and total investments exceeding $4 billion, making it one of the most active shipowners in the global shipping market in the past two years. Monthly orders totaled 9+2 vessels, with all three major ship types flourishing
In May 2026, Zodiac announced multiple important orders covering three core sectors: tankers, car carriers, and gas carriers.
Zodiac signed a contract with Jiangsu Xinhantong Shipbuilding Heavy Industry to build four 157,000 DWT conventional fuel Suez crude oil tankers. According to shipbrokerage estimates, the unit cost about $89 million per vessel, with a total value of approximately $356 million, and is expected to be delivered in 2029. This order brings Zodiac's Suez-class tanker orders at Shinhantong to nine, bringing the total Suez-class orders to 13 (Zodiac Marine ordered four from Samsung Heavy Industries Vietnam shipyards). After delivery, the size of its Suez-class fleet will double.
It has been proven that its decision at the PCTC was very correct. In recent years, the PCTC market has been booming, with one-year charters reaching a historic high of $100,000 per day, and annual rental income per vessel can easily reach the "hundreds of millions" level when converted to RMB. Even at this stage, the PCTC market has pulled back from its peak, but overall freight rates and asset returns remain within historically very attractive ranges.
Zodiac also signed a contract with Hanwha Marine Korea for a 3+2 VLAC construction vessel, with an actual contract value of approximately $345 million. If two alternative orders are executed, the total value will reach $575 million, with all vessels expected to be delivered by January 2030. This order marks Zodiac's official entry into the ammonia transportation sector, laying the groundwork for the future green energy shipping market.
The tanker sector continues to increase holdings
In the first quarter of 2026, Zodiac continued to focus on the tanker market, securing two major orders to further consolidate its position in the crude oil transportation sector.
In late February, Zodiac confirmed the execution of four alternative orders out of the 4+4 VLCC contract signed at Jiangsu Shinhantong in December 2025, bringing the shipyard's VLCC orders to 8 vessels worth approximately $980 million. This batch of 319,000 deadweight tons of conventional fuel VLCCs costs about $120 million per ship and is expected to be delivered in 2029.
In mid-January, Zodiac placed an additional order at Samsung Heavy Industries' PVSM shipyard in Vietnam for a 157,000 DWT conventional fuel Suez crude oil tanker, valued at approximately $85 million, expected for delivery in 2029. This order brings Samsung Heavy Industries' Vietnam shipyard's Suez-class tanker orders to four, with three scheduled for delivery in 2028.
Returning to the VLCC new manufacturing market for the first time in a decade
The fourth quarter of 2025 marks the start of Zodiac's large-scale shipbuilding plan. In just three months, the company invested over $2.2 billion to order 22 vessels in one go, covering three major types: VLCCs, Suez-class tankers, and container ships.
In December 2025, Zodiac signed a super contract worth approximately $1.6 billion with Jiangsu Xinhantong Shipbuilding Heavy Industries, including 4+4 319,000 deadweight ton VLCCs and 6 9,000 TEU container ships. Among them, the VLCC costs about $125 million per vessel, and the container ship costs about $100 million, with all ships expected to be delivered between the second half of 2028 and 2029. This marks Zodiac's first entry into the VLCC newbuilding market in a decade, following its fleet of all used vessels. (Related reading: $1.6 billion, 14 ships, first choice by a British shipowner to choose this Chinese shipyard)
In mid-November, Zodiac signed contracts with China Merchants Jinling Shipyard to build five 6,000 TEU traditionally fueled container ships, valued at about $400 million, with a per-ship cost of about $78 to $79 million, expected to be delivered in 2028-2029.
In late October, Zodiac ordered three 157,000 DWT conventional fuel Suez crude oil tankers at Samsung Heavy Industries' PVSM shipyard in Vietnam, valued at approximately $240 million, with a per-ship cost of about $80 million, expected for delivery in 2028. This is also the first Suez-type oil tanker order from Samsung Heavy Industries Vietnam shipyard.
