Shanghai-listed Xingtong Shipping is ordering six stainless steel chemical tankers in an investment worth up to CNY 1.4bn ($195.5m).
The company said the deal consists of two 25,900-dwt methanol dual-fuel carriers, and four of 13,000 dwt.
The order has been approved by the board, but no shipyard has been contracted as yet.
Xingtong wants to capitalise on the favourable supply and demand situation in the international chemical shipping market by seizing development opportunities, it said.
The idea is to build further scale in its tanker capacity and increase overseas market share.
The company will now request shareholder approval to go out to yards.
In 2023, TradeWinds reported Xingtong was expanding its fleet with an order for two tanker newbuildings worth close to $82m.
The 25,900-dwt stainless-steel chemical ships were contracted at state-owned Chinese yard Wuchang Shipbuilding.
Xingtong said the tankers were ordered through its wholly owned subsidiaries of Xingtong Seal and Xingtong Sealion.
Joint-venture control
The company added that the newbuildings, which cost CNY 299.6m each and are scheduled to be delivered by September 2025, will help to optimise the organisation’s fleet and expand its transportation of “liquid dangerous goods” and enhance its market competitiveness.
There are also six other tankers on order.
The Xingtong fleet consist of 43 ships on the water, mainly tankers and LPG carriers.
In 2022, Xingtong became the major stakeholder of CSSC-IMC Shipping — the chemical tanker joint venture between Singapore’s IMC Shipping and CSSC.
It spent CNY 290m to become the major stakeholder of CSIMC and now owns 51% of the company.
