Exmar has locked in a profit of around $22m by selling the first suezmax tanker in its four-ship newbuilding programme at South Korea's DH Shipbuilding — a resale priced by market sources at more than $106m.

The Antwerp-listed company confirmed it signed an agreement to sell the vessel under construction, with ownership passing to the buyer simultaneously with delivery from the yard in the third quarter of 2027. Exmar did not disclose the buyer or the price.

Greek shipping and financial sources have previously identified Evangelos Marinakis-led Capital Group as the buyer of the 157,000 dwt hull HN5112. The reported $106m-plus resale figure is broadly consistent with the $22m gain disclosed by Exmar.

Why does a gas shipping specialist own crude tankers?

The order marked a strategic detour. Exmar, a Belgian gas shipping specialist, contracted four scrubber-fitted, 157,200 dwt suezmaxes at DH Shipbuilding in September 2025 — its first move into crude tanker ownership. Each vessel is designed to carry around 1m barrels of crude.

Market reports at the time valued the original four-ship package at around $339m, or roughly $85m per vessel. That baseline explains the scale of the gain: a hull contracted near $85m has been flipped before delivery at more than $106m.

Exmar's accounts track the capital trail. Its 2025 accounts showed $309.4m of remaining capital commitments attached to the suezmax programme at year-end. The company invested a further $43m in the ships during the first half of this year, leaving a four-vessel capital commitment of $265.8m at the end of June. Deliveries were scheduled to start in the third quarter of 2027 and run through October 2028.

What does the deal signal about the suezmax market?

The resale lands amid a sharp run-up in suezmax values and earnings, with prompt tonnage commanding significant premiums to later-delivery newbuildings. Owners holding near-term tonnage can now monetise that timing premium without ever operating the ship — Exmar's gain of roughly 25% over the estimated contract price shows the arbitrage available on slots ordered barely a year earlier.

For buyers, paying a $20m-plus premium secures capacity in a firming market without waiting in a newbuild queue stretching into 2028. Capital has been particularly active on that logic: the Marinakis-controlled group is running a multibillion-dollar fleet renewal and expansion programme spanning crude and product tankers, containerships, LNG carriers and other sectors.

What remains of Exmar's programme?

The confirmation leaves three suezmaxes in Exmar's original firm programme at DH Shipbuilding. The company also secured options for four additional vessels when it placed the order in September 2025.

The first ship stays under Exmar's shipbuilding contract until its scheduled delivery in the third quarter of next year, when ownership transfers directly to the buyer — meaning Exmar carries construction risk on the hull until handover, but books the gain on a transaction already agreed.

Whether Exmar repeats the arbitrage on its remaining three firm slots, or exercises its options, will depend on how long the premium for prompt suezmax tonnage holds as the 2027-2028 delivery window approaches.