China’s Yangzijiang Shipbuilding is said to have inked tanker newbuildings worth more than $224m, with Union Maritime and Metrostar Management ordering two vessels each.
The Singapore-listed shipyard was reported to have contracted two LR2 tankers and two LR1 newbuildings from European shipowners.
According to broker Clarksons’ Shipping Weekly Intelligence report, UK-based Union Maritime has struck a deal with Yangzijiang for a pair of 114,000-dwt aframax product carriers while Greece’s Metrostar Management has commissioned the yard to build two 75,000-dwt LR1 tankers.
The Jiangsu-based shipyard is slated to deliver the product carriers during the second half of 2025.
Prices were not disclosed but shipbuilding sources believe Union Maritime is paying about $62m each for the Shanghai Merchant Ship Design & Research Institute-designed LR2s. While sources believe Metrostar is to pay more than $50m apiece for the Marine Design & Research Institute of China-designed 74,000-dwt product carriers.
Both sets of newbuildings will be fitted with scrubbers and powered by conventional marine fuels.
In March, TradeWinds reported that Yangzijiang had inked letters of intent with four shipping companies in Europe for a total of 12 conventional-fuelled product tanker newbuildings worth about $700m.
Union Maritime and Metrostar were two of the companies that were reported to have provisionally booked tanker slots at Yangzijiang.
Then, Metrostar was reported to have inked two LR1 and two LR2 vessels. It appears that the company may have dropped the order for the larger ships.
An official at Yangzijiang declined to comment on his company’s shipbuilding activities, citing contract confidentiality. Union Maritime and Metrostar were not available for comment.
Union Maritime’s newbuildings at Yangzijiang marked the third contract for the company at Chinese shipyards this year. The firm’s two other deals were for methanol-ready 18,500-dwt handysize product/chemical tankers.
The company reportedly contracted Fujian Mawei Shipbuilding and Wuhu Shipyard to build four vessels each.
The UK-based company is believed to be paying about $30m each for the IMO type 2 tankers and is scheduled to take delivery of them in 2025.
As for Metrostar, the deal at Yangzijiang brings its newbuilding orderbook to six. Its four other vessels — LR2 tankers — are under construction at Hyundai Vietnam Shipbuilding.
Yangzijiang is better known as a container ship and bulk carrier builder. The shipyard debuted in the LNG carrier sector last year when it secured an order for two 175,000-cbm vessels.
Hammonia Reederei and Peter Dohle were reported to have come together to order the newbuildings with the backing of the German government. Yangzijiang is slated to deliver the pair in 2025 and 2026.
In February, Yangzijiang took full control of Jiangsu Yangzi Jiasheng Terminal in Jiangyin after it acquired a 45% stake in the terminal from an unnamed seller for CNY 430m ($62m).
The shipbuilder plans to turn the former Odfjell terminal into an LNG import facility.
