It is hardly surprising that solvent liner shipping companies place orders worth billions for newbuildings. But with George Economou, a tramp shipping company can do the same.
The Greek shipowner is investing around USD 1.4 billion in a series of new neo-Panamax container ships via his TMS Group. Zhoushan Changhong International Shipyard is to build ten 11,400 TEU freighters equipped with dual-fuel propulsion, brokers report.
Six newbuildings have already been firmly ordered, while options have been agreed for the other four. The ships, each costing around USD 140 million, are due to be delivered from the last quarter of 2027 to the end of 2028. It is still unclear whether Economou already has charter contracts in the pipeline or has ordered speculatively.
Economou last ordered four 7,900 TEU newbuilds from the South Korean shipyard HJ Shipbuilding & Construction (HJSC) in November 2024, thus re-entering the container ship sector after a four-year break. These ships are due to enter service from the third quarter of 2026 and will then go into long-term charter with ZIM at a rumored rate of USD 40,000/day.
Economou’s shipping group operates a fleet of more than 100 tankers, bulkers and gas tankers. According to brokers, the Greek magnate also has around 40 newbuildings in the pipeline.
George Economou is one of the most colorful personalities in international shipping. Forbes estimates his fortune at 4.8 billion dollars. The Greek shipowner is an avid art collector. His collection is worth an estimated $250 million and includes works by Pablo Picasso and German artists.
