Capital Maritime & Trading, owned by Evangelos Marinakis, has recently undertaken a significant order for 11 new Very Large Crude Carriers (VLCCs) with a total value of around $1.4 billion. This decision comes during a time of high freight rates and considerable activity within the shipping market. The company has reportedly reached an agreement with the Chinese shipyard Hengli Heavy Industry for the construction of these vessels, with each ship priced between $113 million and $133 million.

VLCCs, recognized as the preferred type of oil tankers currently, are increasingly in demand due to the aging global fleet and the surge in oil transportation needs. With this latest contract, Capital's total orders for VLCCs from Hengli Heavy Industry now stand at 17 units, which includes the recently delivered 'Aristotelis II' with a deadweight tonnage of 306,000. The continuation of investing in VLCCs suggests a strategic move by Capital Maritime to enhance its fleet and capitalize on favorable market conditions.

The order highlights the competitive landscape of the shipping industry as companies look to modernize their fleets amid rising demand for oil and associated shipping services. By expanding its VLCC fleet, Capital Maritime positions itself advantageously in a market that sees increasing shipping requirements, driven by global energy demands and the need to replace older vessels. However, potential fluctuations in oil prices and geopolitical influences could impact overall profitability in the sector going forward.