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Eyal Ofer’s Zodiac Maritime has committed to a multi segment newbuilding program of about $1.6 billion at China’s Jiangsu New Hantong Ship Heavy Industry, covering crude and container capacity for delivery from the second half of 2028. The package includes six firm very large crude carriers with options that can lift the total to as many as eight, along with up to six 9,000 teu containerships. All ships are reported as conventionally fuelled but fitted with modern energy saving technology, signalling strong confidence in mid term oil and box demand while keeping fuel pathway risk contained.
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Zodiac’s one page story: what this order really does
Zodiac Maritime has booked about 1.6 billion dollars of newbuildings at Jiangsu New Hantong in China, combining six firm VLCCs plus options and up to six 9,000 TEU boxships for delivery from late 2028. All are conventionally fuelled with modern efficiency features. It is a clear vote of confidence in late decade crude and container demand, and it adds visible supply to both markets.
For crude tankers: The VLCCs will arrive just as many older large crude carriers face heavy survey and recycling decisions. If oil flows remain strong and scrapping keeps pace, these ships give Zodiac a younger fleet with lower fuel burn. If scrapping is slow, they add to a supply wave that can limit rate spikes.
For mid size boxships: The 9,000 TEU units target regional and north south loops that want efficient, new tonnage without ultra large ship risk. They raise the bar on what charterers expect from mid size vessels and put extra pressure on older ships that are less efficient or weaker on emissions ratings.
For yards, prices and slots: Hantong’s late decade schedule gets thicker, which supports Chinese yard pricing power and reduces the number of good delivery windows left for owners that have not ordered yet. The result is a higher hurdle for late movers that may face both higher newbuilding prices and longer waits.
The order does not move spot rates today, but it matters for how the VLCC and mid size container fleets will look around 2028 to 2030. Owners that track this and similar programs against their own fleet age and charter cover will be better placed to decide whether to copy the newbuilding play, lean into secondhand tonnage, or recycle earlier and rent in modern ships once these units hit the water.
Zodiac Maritime $1.6bn VLCC and Boxship Orders in China (Deliveries 2028–2029)
Item
Summary
Business Mechanics
Bottom-Line Effect
Deal headline
Zodiac Maritime has agreed a newbuilding package worth about 1.6 billion dollars at Jiangsu New Hantong Ship Heavy Industry in China, covering VLCCs and mid size containerships for delivery in 2028 and 2029.
This is Zodiac’s first engagement with Hantong and adds to a wider 2025 ordering run that has already taken the group’s annual newbuild tally above twenty ships across several yards.
📈 Signals strong confidence in mid term demand and supports Chinese yard backlogs and pricing in the late 2020s.
VLCC component
The program includes six firm conventionally fuelled VLCCs with options that can bring the total to as many as eight units, marking Zodiac’s first VLCC order in more than a decade.
If all options are exercised, the VLCC order would more than double Zodiac’s presence in the very large crude carrier segment and lock in modern tonnage as older ships in the global fleet age into their third special surveys.
📈 Builds future earnings power for Zodiac in the large tanker market; 📉 adds to global VLCC supply arriving around 2028–2029.
Containership component
Alongside the tankers, Zodiac has lined up up to six mid size 9,000 teu containerships as part of the same program, creating a multi segment expansion in crude and liner trades.
These boxships are expected to feed into charter arrangements on key east west and north south routes, adding modern capacity that can meet upcoming efficiency and emissions expectations while serving alliance or slot sharing structures.
📈 Positions Zodiac to earn charter income from new generation boxships; 📉 incremental capacity may weigh on older mid size ships with weaker efficiency.
Fuel and technology choice
All vessels will use conventional marine fuel but with modern energy saving technologies to improve efficiency rather than betting on a single alternative fuel pathway.
This sidesteps near term fuel infrastructure risk while aiming for lower unit consumption and better CII scores compared with older tonnage. It also keeps retrofit options open if a preferred alternative fuel emerges in the 2030s.
📈 Lower technical and commercial risk today; 📉 less upside if regulators or charterers move faster toward ships with built in alternative fuel capability.
Delivery window and timing
Deliveries for the Hantong series are scheduled from the second half of 2028 through 2029, in line with a broader wave of orders that has filled the yard’s late decade slots. :contentReference[oaicite:7]{index=7}
The arrival of these ships will overlap with expected scrapping of older tankers and boxships plus tighter climate rules. Rate impact will depend on how much of today’s aging fleet actually exits by then and how demand for oil and containerised trade develops.
📈 Stronger fleet renewal for owners that invest early; 📉 possible pressure on rates and asset values if scrapping lags and demand softens.
Yard and slot implications
Hantong reports nineteen vessels booked for 2028–2029 across VLCCs, boxships, newcastlemaxes and kamsarmaxes, with Zodiac’s package among the largest bundles. :contentReference[oaicite:8]{index=8}
Concentrated orders at a limited number of capable yards give Chinese builders stronger ground to maintain pricing and sequence higher value projects, making later entry more expensive or pushing new investors into longer lead times.
📈 Early movers secure preferred delivery slots and more bargaining power on specifications; 📉 late movers face higher yard prices and longer wait times.
S&P and resale impact
A sizeable block of modern VLCCs and boxships from a high profile owner sets new reference points for future resale and time charter valuations, especially for conventional fuel ships with strong efficiency features.
As the Hantong series moves nearer to delivery, brokers are likely to mark up comparable late 2020s delivery berths and prompt modern tonnage, while buyers of older ships face a clearer discount against the new cohort.
📈 Supports values of similar modern designs; 📉 widens the pricing gap for vintage ships that struggle on fuel burn and emissions ratings.
Competitive positioning
The move aligns Zodiac with other large private and listed owners that have been rebuilding crude and container fleets while yard capacity is still available, rather than waiting for the next tight cycle to order.
Modern VLCCs and mid size boxships arriving in 2028–2029 should appeal to charterers keen to cut emissions per tonne mile without taking fuel technology risk themselves, which can support utilisation and earnings over the full life of the ships.
📈 Better long term charterability and fleet quality for Zodiac; 📉 competitive pressure for peers that delay renewal and stay overexposed to older segments of the fleet.
Notes: Figures and order details reflect public reports from Splash, Lloyd’s List and TradeWinds current in early December 2025. Exact pricing per vessel has not been disclosed and rate impacts will depend on future scrapping and demand conditions.
One orderbook, two markets, many signals
Zodiac is buying future exposure to both crude and container trades in one Chinese yard program. The choice of conventional fuel with modern efficiency tech is a bet that oil flows and box demand will still be strong at the end of the decade, but that fuel pathways will stay uncertain enough to avoid a single green bet today.
Crude: 6 firm VLCCs, options up to 8
Containers: up to 6 x 9,000 TEU
Yard: Jiangsu New Hantong, China
Spend: about 1.6 billion USD
Window: deliveries from late 2028 onward
Segment
If demand outperforms
If demand disappoints
VLCCs
Modern ships arrive as older crude carriers hit heavy survey cycles, giving Zodiac a younger, efficient fleet in a tight tonnage market.
If refinery runs and long haul flows ease, the extra VLCC supply can cap rate peaks and slow earnings for the wider fleet.
9,000 TEU boxships
Well placed for regional and north south trades that need efficient, new tonnage without ultra large vessel risk.
If global trade softens again, charterers can push older mid size tonnage to the sidelines first, then negotiate hard on newbuild hire.
Chinese yard slots
Early block bookings support yard utilisation and help Zodiac secure specification and timing ahead of latecomers.
Heavy late decade orderbooks can limit flexibility if the owner wants to adjust designs or delivery profiles later.
How this program tilts risk and reward
Exposure to late decade supply wave
Elevated
Upgrade versus current global fleet quality
Strong
Fuel pathway flexibility
Moderate
Dependence on Chinese yard pricing power
High
Levels are indicative and highlight where this order shifts risk compared with not ordering or with smaller, single segment programs.
Stakeholder
What this order highlights
Bottom line angle
Competing VLCC owners
A visible block of late decade VLCCs that strengthens the modern end of the fleet and sets a reference on quality.
Pressure to decide on own fleet renewal timing and recyclings before the new wave arrives.
Mid size boxship owners
More 9,000 TEU ships entering the market with fresh eco credentials for regional and north south loops.
Older units may need lower rates, upgrades or relocation to secondary trades to stay competitive.
Charterers and cargo interests
Future access to young, efficient tonnage without taking full construction risk, but also more capacity to manage when the cycle softens.
Scope to use modern ships to cut emissions per unit moved, while playing competing owners and age brackets off each other on price.
For the wider market, Zodiac’s move is a clear signal that some deep pocketed owners are comfortable locking in late decade capacity now, even with demand and climate rules still evolving. That can be constructive if older crude and box tonnage is recycled on time and trade growth holds, but it raises supply risk if scrapping is delayed or volumes undershoot. Smaller owners and charterers that map how these ships land against their own fleet age, contract cover and route mix will be better placed to decide whether to follow with their own orders, hold back and focus on secondhand buys, or lean on modern third party tonnage once this Hantong series starts to hit the water.
