Hengli Heavy Industries has rapidly become one of the “preferred” shipbuilders for major European shipowners.
TMS Tankers, led by Greek shipping magnate George Economou, is in talks with one of China’s most active shipbuilders this year about a potential series of Very Large Crude Carrier (VLCC) construction projects, according to Riviera.
Market and shipbroking sources indicate that TMS Tankers is engaged in advanced negotiations with Hengli Heavy Industries regarding a newbuilding project for up to four VLCCs.
VLCCs are a key vessel type that Hengli Heavy Industries has been focusing on recently. The most recent VLCC order was announced on October 29th. The order came from a well-known European shipowner, with a total contract value of approximately US$200-300 million. Delivery is expected to take place successively from the second half of 2027 to the first half of 2028.
Based on Hengli Heavy Industries’ order prices in the VLCC newbuilding market, the total value of TMS Tankers’ newbuilding projects is estimated at US$400 million to US$600 million. So far this year, Hengli Heavy Industries has announced orders for 15 VLCCs.
Since September, according to incomplete statistics, Hengli Heavy Industries has secured orders for over 40 vessels, with European shipowners being the primary clients placing orders.
In the VLCC sector, shipowners include Norway’s Frontline (6 vessels) under John Fredriksen, Greece’s Dynacom (4 vessels), Greece’s Capital (1 vessel), Greece’s Laskaridis (2 vessels), and another European “well-known” shipowner with 2 VLCCs.
In bulk carrier sector, shipowners include Germany’s Reederei H Vogemann (6 vessels), Greece’s Seaenergy Maritime (4 vessels), Greece’s Eastern Mediterranean (1 vessel), and Greece’s EFNAV (6 vessels).
It is understood that George Economou owns one of Greece’s largest shipbuilding programs, including tankers, bulk carriers, container ships, and liquefied gas carriers. In 2024, companies under George Economou ordered four LNG carriers from Samsung Heavy Industries and ten 11,400 TEU LNG dual-fuel container ships from Zhoushan Changhong International. The combined value of these two orders is approximately $2.4 billion.
In the tanker market, George Economou has not placed any new tanker orders so far this year.