Hengli Secures 12 Tanker Orders, with VLCCs Averaging Nearly $140 Million

Hengli Heavy Industries has signed agreements with several Greek shipowners to build 12 tankers, comprising six very large crude carriers (VLCCs), two Suezmax tankers and four LR2 product tankers. The VLCCs carry an average contract price of nearly $140 million each, according to the shipbuilder.

The Dalian-based yard said the latest agreements reinforce its position as the world’s largest VLCC builder by vessels on order. All three tanker types covered by the contracts use Hengli’s own designs. Individual buyer allocations and a complete delivery schedule for the 12 vessels were not disclosed.

Longstanding customer Dynacom Tankers Management, part of Greek shipowner George Procopiou’s shipping interests, is among the returning buyers. The announcement follows Hengli’s disclosure of 11 very large ammonia carrier (VLAC) contracts signed within one week, extending its recent order intake across both tankers and gas carriers.

Six VLCCs Represent Close to $840 Million

At the disclosed average price, the six VLCCs alone represent close to $840 million in newbuilding business. Prices for the two Suezmaxes and four LR2s have not been released.

The combination gives Hengli further exposure to both crude oil and refined-product fleet renewal. It also broadens the scope of its relationships with owners investing across several tanker segments, allowing the yard to compete for successive projects within the same customer’s fleet programme.

The contracts come during a period of substantial investment in large crude carriers. In its July 2026 Orderbook Observer, shipbroker Affinity reported that the crude tanker orderbook had reached 28% of the existing fleet, following exceptionally strong VLCC and Suezmax contracting in the first half. Fleet ageing remained one of the factors supporting orders despite historically high newbuilding prices.

Hengli’s latest announcement points to delivery availability from 2028 as an advantage in securing business. For owners planning fleet replacement, charter commitments and financing, the delivery date is a central part of the investment decision. An earlier slot can bring forward deployment and reduce the period between committing capital and obtaining an operational vessel.

The nearly $140 million average therefore reflects a commercial package encompassing the vessel, its contractual delivery position and confidence in the yard’s execution. Detailed specifications and contract terms will also influence the price of each ship.

Hengli-Built PINIOS Linked to a $200 Million Resale

The reported resale of the Hengli-built VLCC PINIOS provides another indication of the value attached to modern, immediately available tanker capacity.

Market reports in September linked the 306,000-dwt vessel to a sale at approximately $200 million, with Dubai-based energy trader Onex DMCC identified as the likely buyer. Delivered in February 2026, the ship had been in service for about seven months when the transaction emerged. The counterparties had not formally announced the deal at the time of those reports.

Dynacom reportedly acquired the vessel’s newbuilding contract for approximately $122 million in 2024. A resale at $200 million would produce a nominal price difference of around $78 million, or 64%. If completed at that level, the transaction would establish a nominal VLCC sale-price record, according to the market reporting available at the time.

The reported transaction places a Hengli-built vessel within a broader market in which operational readiness, delivery timing and vessel location can materially influence asset values. It also gives the yard’s delivered ships a visible presence in the international resale market, alongside their operating and chartering records.

Dynacom Relationship Expands Beyond 50 Ships

Repeat contracting has become an important feature of Hengli’s relationship with Procopiou’s shipping businesses. According to Hengli, their cumulative cooperation now exceeds 50 vessels across Kamsarmax bulk carriers, VLCCs, Suezmax tankers and VLACs, including a 20-vessel VLCC programme.

The relationship developed alongside Hengli’s expansion into more complex vessel classes. Its first VLCC following the yard’s restart, ALIAKMON I, was delivered to Dynacom on 24 June 2025. That delivery established an operating reference for the yard’s large crude carrier programme and was followed by further tanker construction and orders.

On 5 June 2026, Hengli named and delivered two additional 306,000-dwt VLCCs, EVROS and ACHELOOS, to Dynacom on the same day. Both ships were completed at least three months ahead of their contractual delivery dates, according to a report published by the Liaoning provincial government.

Earlier delivery gives an owner additional flexibility to arrange employment and deploy its fleet. For a shipbuilder seeking follow-on orders, completed vessels also provide customers with direct evidence of construction quality, schedule performance and the effectiveness of the yard’s project organisation.

The cooperation has subsequently extended into large gas carriers. An eight-ship package disclosed in September comprised six 93,000-cbm VLACs and two 306,000-dwt VLCCs. The six ammonia carriers followed an initial two-vessel VLAC order reported in July, taking the series to eight ships.

This progression gives Hengli an established customer across several production programmes. It also means the owner can assess new projects through its experience of the yard’s existing construction teams, supervision arrangements and delivered vessels.

Greek Customer Base Extends Beyond Dynacom

Capital, the Greek shipping group controlled by Evangelos Marinakis, is another repeat customer. Hengli disclosed in February that it had named and delivered a 306,000-dwt VLCC for Capital while securing orders for a further 11 VLCCs. The combination of delivery and additional contracting illustrates how completed projects have accompanied the expansion of the yard’s commercial relationships.

By July 2026, published industry reporting put cumulative Greek-owned orders at Hengli over the preceding three years at 177 vessels. Those projects covered bulk carriers, tankers, containerships and large gas carriers. The latest agreements with multiple Greek owners continue that pattern of business across several vessel classes.

A broader customer base can support longer series of related designs and more consistent production planning. For owners, placing repeat business at a familiar yard can simplify technical discussions and supervision. For the builder, experience gained on earlier ships can feed into procurement, construction sequencing and quality control on subsequent vessels.

In-House Designs Support Series Production

Hengli says the VLCC, Suezmax and LR2 designs selected for the latest contracts were developed in-house. Its established 306,000-dwt VLCC design measures 332.8 metres in length and 60 metres in breadth, with a stated service speed of 14.5 knots.

The commercial value of design capability lies in the connection between an owner’s requirements and the shipyard’s production system. Decisions on hull form, cargo capacity, machinery, equipment and onboard arrangements must be translated into detailed engineering, purchasing and construction instructions. Keeping these activities closely coordinated can help a yard respond to customer requirements while maintaining production schedules.

Repeated construction of related vessels creates further opportunities to refine that process. Established drawings, equipment arrangements and work procedures can be carried into later ships, while feedback from construction and operation can inform subsequent changes.

For Hengli, the growing tanker programme provides the volume needed to develop this experience across multiple projects. The latest contracts add to a substantial existing workload rather than introducing isolated designs without a wider production base.

Tankers Remain Central as Gas Carrier Business Grows

Hengli reported 207 new ship orders in the first half of 2026, including 94 tankers. Tankers accounted for approximately 45% of orders by vessel count, making them the largest individual category in the period. The yard also reported 40 ship deliveries during the first half.

The latest 12-ship announcement strengthens that tanker business, while the recently disclosed 11 VLAC contracts extend its gas carrier programme. Both require the yard to coordinate design, equipment supply, fabrication, assembly and commissioning across a growing range of projects.

For international owners, Hengli’s expansion adds a source of large-tanker and gas-carrier capacity with established customer relationships and an increasing delivery record. Its ability to offer slots from 2028 gives buyers another option as they plan fleet renewal and allocate capital across crude oil, products and gas transportation.

The next phase will bring these investment decisions into the production schedule. Consistent execution across successive vessels will determine how effectively the expanding orderbook becomes reliable fleet capacity—and how much repeat business follows.