Evangelos Pistiolis, a prominent Greek shipowner, is shifting his newbuilding strategy by placing an order for 10 medium range (MR) product tankers at the Guangzhou International Shipyard in China. This strategic move, his first order from China in years, represents a significant investment of nearly 500 million dollars, reflecting Pistiolis' confidence in the Chinese shipbuilding capability and the MR tanker market.

The new tankers will have a capacity of around 50,000 deadweight tons (dwt), which aligns with Pistiolis' existing operational model. Currently, he oversees a fleet that includes different types of tankers through his New York-listed company, Top Ships, which operates several vessels, including two Very Large Crude Carriers (VLCCs) and one Suezmax. This decision not only diversifies his fleet but also signals potential growth opportunities in the product tanker sector, which has been showing signs of strength in recent months.

Pistiolis’ strategic pivot towards China's shipbuilding industry could also indicate a broader trend among shipowners considering cost-effective solutions in the face of fluctuating global economic conditions. By tapping into China’s robust shipbuilding sector, Pistiolis aims to enhance operational efficiency and strengthen his company's position in the competitive tanker market, potentially setting a precedent for other shipowners in the industry to follow suit.