CMG Nanjing Tanker is continuing its fleet renewal with an order at China Merchants Jinling Dingheng shipyard.
The Shanghai-listed owner, controlled by China Merchants Group, said in a filing to the Shanghai Stock Exchange that it has contracted an 18,000-dwt oil and product carrier for delivery in 2027.
The deal at the affiliated yard in Yangzhou City will “optimise the chemical fleet capacity structure”, improve the fleet operation capacity and enhance the company’s share in the chemical transportation market, it added.
The board agreed that wholly owned subsidiary Nanjing Yangyang Chemical Shipping would place the order.
The contract price is CNY 246.5m ($34.7m).
The order was made after extensive market research, combined with an assessment of shipbuilding capacity, Nanjing Tanker said.
“Jinling Dingheng can ensure the quality of the ship and deliver it on time; the transaction pricing is based on fair negotiation,” the owner added.
The company has another ship on order, a 10,000-dwt tanker due in September next year from Chongqing Chandong in China.
The fleet of 60 owned ships, ranging from two LRs and a series of MRs down to handysizes and small bunker ships, has a 2.13m-dwt capacity.
Some tankers date from the 1990s and 2000s, but a fleet renewal has been taking place: eight vessels have been delivered from Chinese yards since 2020.
VesselsValue assesses the fleet as worth $1bn.
The company’s website says it controls 74 owned and chartered ships.
