On September 23, Nanjing Tanker Corporation (hereinafter referred to as “NJTC”) issued the “Announcement on Related Transactions Regarding the Construction of a New 9,500 Cubic Meter LEG carrier.”
The announcement disclosed that NJTC’s holding subsidiary Shanghai Changshi Shipping will build a new 9,500 cubic meter LEG carrier from its affiliated company China Merchants Jinling Shipyard (Yangzhou) Dingheng at a price of RMB 365 million (including tax, approximately US$51 million). The LEG carrier is expected to be delivered in the first half of 2028.
According to the announcement, the newbuilding is a dedicated liquefied gas transport vessel with a cargo tank capacity of approximately 9,500 cubic meters, equipped with a single diesel engine, a single propeller, a high-efficiency rudder, and a semi-refrigerated/semi-pressurized system.
The new vessel is designed in accordance with the CCS Smart Ship Rules (2024), featuring a conventional fuel main engine with dual-fuel capability, meeting IMO Tier III emission standards and green smart requirements. Furthermore, the vessel utilizes technologies such as linear optimization, lightweight design, high-efficiency propellers, and propeller-mounted energy-saving ducting, achieving energy efficiency that meets IMO EEDI Stage III standards.
NJTC stated that this move aims to optimize the capacity structure of its ethylene fleet and consolidate the company’s leading position in the ethylene transportation market. Upon implementation, the project will enhance fleet operational capabilities and strengthen core competitiveness, positively impacting the company’s financial position and operating results.
The announcement indicates that China Merchants Jinling Shipyard (Yangzhou) Dingheng is a subsidiary of China Merchants Industry Group and, along with NJTC, belongs to China Merchants Group Therefore, this transaction constitutes a related-party transaction but does not constitute a major asset restructuring.
According to its official website, NJTC is a specialized tanker transportation company under China Merchants Group and a key backbone enterprise engaged in river-sea combined transport under China Yangtze Shipping Group. Established in 1993 and listed on the A-share market in 1997, the company is headquartered in Nanjing. Currently, NJTC owns and controls a fleet of 73 vessels with a total deadweight capacity of 2.78 million tons, achieving an annual transportation capacity exceeding 44 million tons.