Six VLACs and two VLCCs lift the Dynacom–Hengli newbuilding programme to 50 vessels

Xinde Marine News

Greek shipping group Dynacom has returned to Hengli Heavy Industries with an order for six 93,000-cbm very large ammonia carriers (VLACs) and two 306,000-dwt very large crude carriers (VLCCs), in a newbuilding package valued at close to $1 billion.

The latest agreement takes the two companies’ cooperation to 50 vessels: 13 Kamsarmax bulk carriers, nine Suezmax tankers, 20 VLCCs and eight VLACs. Tankers and gas carriers now account for 37 ships, or approximately 74% of the entire programme. The changing vessel mix shows how rapidly the relationship has moved beyond conventional dry bulk tonnage. Hengli has developed from Dynacom’s Chinese supplier of Kamsarmax bulkers into a core builder supporting the group’s expansion in large crude tankers and high-specification gas carriers.

Six VLACs and two VLCCs: a second expansion within two months

The pace of Dynacom’s VLAC programme is particularly notable. The market disclosed the company’s first order for two 93,000-cbm VLACs at Hengli in July 2026, although Clarksons records the contract date as 1 June. The vessels are scheduled for delivery in 2028, with market sources placing the price at approximately $115 million each. The deal marked Dynacom’s first entry into the VLGC/VLAC newbuilding segment.

Only about two months later, Dynacom expanded the series from two vessels to eight and added another two VLCCs. Following the latest agreement, its VLCC programme at Hengli has reached 20 ships, while its VLAC series has increased to eight. Moving directly from an initial pair of large gas carriers to a series of eight indicates that the owner’s review of the design, cargo systems, equipment selection, construction planning and delivery resources has progressed beyond preliminary qualification and into repeat contracting.

The value density of the package is equally significant. Both VLCCs and VLACs demand advanced design, procurement, production management and quality control. VLACs add further complexity through their cargo containment arrangements, low-temperature materials, specialised welding, cargo-handling systems and safety controls. Because Dynacom has placed the follow-on order before its first VLAC has entered service, the decision cannot yet be based on operational performance. It reflects the owner’s assessment of the engineering work completed so far, the maturity of the design, the availability of critical equipment and the execution capability already demonstrated by the yard. A repeat order of this scale therefore offers a clearer indication of the owner’s risk assessment than a single trial project would.

A 50-ship relationship moves up the complexity curve

The relationship began with 82,000-dwt Kamsarmax bulk carriers and soon expanded into VLCC construction. Hengli has delivered 13 Kamsarmaxes and two 306,000-dwt VLCCs to Dynacom, with several vessels completed ahead of their contractual milestones. Hengli named and delivered its first VLCC, ALIAKMON I, on 24 June 2025. The vessel represented a major step in the yard’s re-entry into large tanker construction following its restructuring and restart.

Dynacom subsequently entrusted Hengli with nine Suezmax tankers, additional VLCCs and the VLAC programme, creating a newbuilding portfolio spanning dry bulk, crude oil and large-scale liquefied gas transportation. The resulting mix of 13 Kamsarmaxes, nine Suezmaxes, 20 VLCCs and eight VLACs forms a clear technical and commercial progression. The Kamsarmax programme allowed the owner to assess the restarted yard’s quality, schedule discipline and cost control. The VLCCs tested large-vessel design, block construction, mega-block erection and systems integration. The VLACs extend the evaluation into cargo tanks, low-temperature materials, cargo-handling systems, dual-fuel propulsion and gas trials.

Major international owners rarely allocate a succession of high-value vessel classes to the same yard on price alone. Repeat business depends on construction data from the first projects, feedback from site supervision teams and confidence in the stability of the yard’s management and production organisation. By advancing through several vessel classes with the same customer, Hengli has acquired something more durable than the headline contract value: a construction track record built across multiple segments for one of the world’s largest private shipping groups.

Dynacom adds a Chinese supply line for high-end gas carriers

The gas-shipping businesses controlled by the family of Greek shipowner George Prokopiou have extensive experience in LNG transportation, while the existing fleet of NYSE-listed Dynagas LNG Partners has a strong Korean-built profile. Awarding the entire disclosed VLAC programme to Hengli adds a Chinese supply line for large ammonia- and LPG-compatible gas carriers while preserving Dynacom’s established LNG shipbuilding relationships in South Korea.

Hengli remains the only shipyard publicly linked to Dynacom’s current VLAC programme. An eight-ship series can create economies of scale through a common design, standardised equipment, shared crew training, streamlined spare-parts supply and more consistent maintenance arrangements.

The vessel specification also gives Dynacom valuable cargo optionality. Long-term growth in seaborne ammonia will depend on the commissioning of low-carbon hydrogen and ammonia projects, demand from power generation and industry, marine-fuel adoption and the direction of global carbon policy. The timing of that demand remains uncertain. A 93,000-cbm VLAC capable of carrying both ammonia and LPG reduces the vessel’s exposure to a single emerging cargo market. Dynacom’s move beyond LNG into large LPG/ammonia carriers therefore expands its gas-shipping portfolio while positioning the group for the long-haul ammonia trades that could develop in the years ahead. Hengli is building a series of assets with long-term cargo flexibility, not simply six identical ships.

Fourteen VLAC orders put Hengli at the top of the 2026 ranking

Based on the public order tally used for this analysis, the six newly added Dynacom vessels lift Hengli’s 2026 VLAC intake to 14 ships, the highest total for any individual shipyard worldwide. Approximately 40 VLAC-related orders have been publicly identified during the year, with Chinese yards securing 26 vessels, or 65%, and South Korean yards taking 14, or 35%.

The global total can vary depending on classification. Some large gas carriers are recorded as “Ammonia/LPG”, others as “LPG” or “ammonia-ready”, meaning the boundary between VLAC and VLGC orders is not always applied consistently across databases. Under a common classification, however, Hengli’s position as the leading individual yard in 2026 is clear.

That order lead is supported by the gradual integration of key production capabilities. Hengli has established in-house design and cargo-tank fabrication capacity for its 93,000-cbm VLAC and is advancing the domestic manufacture and integration of LPG dual-fuel main engines. In June 2026, the yard launched its first VLAC from a slipway. Large liquefied-gas carriers have traditionally relied heavily on drydock construction, but the slipway route reduces the time for which a VLAC must occupy dock capacity. It allows Hengli to expand gas-carrier production without immediately adding another large drydock and provides greater flexibility to build VLACs in parallel with VLCCs and other large vessels. The commercial value lies in better berth allocation, faster capacity release and greater control over delivery sequencing across a diversified orderbook.

Order leadership must now be converted into delivery performance

VLACs are becoming a new competitive front between Chinese and South Korean shipbuilders in the high-end gas-carrier market. Ammonia is toxic, corrosive and subject to low-temperature transportation requirements. Its carriage demands stringent systems for leak detection, ventilation, segregation, material compatibility and emergency response. South Korean yards retain deep experience in large gas-carrier design, equipment supply chains and series production. China’s numerical lead in 2026 VLAC orders shows that its yards can now offer an increasingly competitive combination of design, price, berth availability and delivery timing.

Hengli’s 14-vessel order intake places it at the front of this specialised market, but the durability of that position will depend on the quality of its first delivery, the construction cycle achieved across subsequent sister ships, gas-trial performance and the vessels’ results after entering service.

Dynacom’s repeat business provides Hengli with a particularly important validation route. The owner’s first VLACs are scheduled for delivery in 2028, after which the expanded series will create a sustained production rhythm. The yard must turn the experience gained from its lead ship into standardised processes, a stable supply chain and repeatable quality control. Its ability to do so will directly influence the next round of international orders.

The latest package has already moved Hengli to the front rank of the VLAC order market. The next stage is to convert 14 vessels ordered in a single year into 14 ships delivered on schedule, built to specification and capable of meeting their promised performance in commercial service. Only then will Dynacom’s rapid expansion from two VLACs to eight complete the transition from construction confidence to operational validation.