TMS Group, under the leadership of renowned Greek shipping magnate George Economou, has announced plans to expand its fleet with a significant investment in environmentally friendly vessels. The shipping giant has placed an order for up to ten 11,400 TEU LNG dual-fuel containerships with Zhoushan Changhong International Shipyard in China.
The contract, valued at up to $1.4 billion, includes six confirmed Neo-Panamax boxships and an option for four additional vessels. Each unit is priced at $140 million, marking TMS Group's continued commitment to sustainable shipping solutions. The new fleet is slated for delivery between 2027 and 2029 and will utilize liquefied natural gas (LNG) dual-fuel propulsion, reflecting the industry's shift towards cleaner fuels.
This move comes on the heels of TMS Group's re-entry into the container shipping market with an order for four methanol-ready 7,900 TEU boxships from HJ Shipbuilding & Construction in South Korea in late 2024. The group's strategic expansion is part of a broader trend among shipping companies aiming to modernize fleets with eco-friendly technologies to reduce environmental impact.
Currently, TMS Group operates a diverse fleet of over 130 vessels, including tankers, bulkers, and gas carriers, through its subsidiary companies like TMS Cardiff Gas, TMS Tankers, TMS Dry, and TMS Bulkers. The company also maintains a robust orderbook, ensuring its leadership in fleet size and technology.