In early December, Hengli Heavy Industries secured orders from two major Greek shipping companies, announcing the signing of contracts with Minerva and Laskaridis to build multiple LR2 product tankers. Details of the orders from both shipowners have now been disclosed.
Foreign media reports indicate that Laskaridis Maritime has placed an order with Hengli Heavy Industries for two LR2 product tankers, with delivery expected in the first to second quarter of 2027.
This marks Laskaridis Maritime’s latest order for product tankers from Chinese shipyards, following its entry into the Very Large Crude Carrier (VLCC) sector earlier this year, as part of its strategy to further expand its tanker fleet.
It is understood that the collaboration between Laskaridis Maritime and Hengli Heavy Industries commenced in May 2023, when the two parties signed a contract for four 82,000 DWT bulk carriers. In 2024, they placed an additional order for six more bulk carriers of the same type.
In 2025, Laskaridis Maritime and Hengli Heavy Industries further elevated their partnership by signing a contract in October this year for the construction of two VLCCs, thereby deepening their cooperative relationship.
To date, Laskaridis Maritime has placed orders for 14 new vessels of three types with Hengli Heavy Industries, including 10 bulk carriers, 2 VLCCs, and 2 LR2 product tankers. Among these, some bulk carriers have been completed and delivered. The advantage of early delivery was also a key factor in Laskaridis Maritime’s decision to select Hengli Heavy Industries for its shipbuilding orders.
With the signing of two LR2 product tankers, Laskaridis Maritime now holds orders for ten new tankers, including five MR2 product tankers, three LR2 product tankers and two VLCCs.
As members of the Alimia Group, Alimia Shipping and Laskaridis Maritime remain active in the newbuilding market. Following the addition of these new orders, the group’s operational and under-construction fleet has steadily expanded to 38 vessels, comprising 28 bulk carriers and 10 tankers, continuously enhancing its transport capacity.
According to industry sources, Minerva Marine has placed an order for six vessels, all of which are expected to be delivered by 2028. This marks the first collaboration between Hengli Heavy Industries and Minerva Marine.
According to its official website, Minerva Marine was established in 1996 and operates a diversified fleet of 70 vessels, including tankers, dry bulk carriers, and container ships.
Hengli Heavy Industries stated that the LR2 product tanker, as the mainstay vessel type in the international product oil transportation market, boasts advantages such as large cargo capacity, strong port accessibility, and high operational efficiency. It is widely deployed on major shipping routes including the Middle East, Europe, and the Asia-Pacific region.
The new series of vessels incorporates the latest green and eco-friendly design concepts to meet IMO Tier I emission standards, combining low energy consumption, high safety, and outstanding operational performance, aligning with the global shipping industry’s green transition trend.
After experiencing a surge in new LR2 product tanker orders over the past two years, Greek shipowners’ enthusiasm for building in this sector has noticeably cooled in 2025, with order activity declining.
Xclusiv shipbroking data indicates that from January to October 2025, Greek shipowners placed orders for only two LR2 product tankers, compared to 26 orders during the same period in 2024. As of the end of October, LR2 product tankers accounted for approximately 22% of Greece’s total tanker orders.