On February 6, *ST Songfa, the listed entity of Hengli Heavy Industries, issued an announcement stating that the construction contracts for two 306,000 DWT Very Large Crude Carriers (VLCCs) and two 158,000 DWT crude oil carriers of its subsidiary Hengli Shipbuilding (Dalian) Co., Ltd. (hereinafter referred to as “Hengli Shipbuilding”) were recently signed and came into effect.
According to the announcement, the total contract value for the two 306,000 DWT VLCCs is approximately US$200-300 million, with a price of approximately US$100-150 million per vessel. The counterparty is a well-known Singaporean shipowner.
The contract value for two 158,000 DWT crude oil carriers totals approximately $160-200 million, with a unit price of roughly $80-100 million. The shipowner is a single-vessel company under Minerva Marine. Minerva Marine is a family-controlled private shipping company established in Athens, Greece in 1996 by Andreas Martinos. Its core business is tanker operations, covering various vessel types from medium-sized tankers to very large tankers (chemical tankers and crude oil tankers). Through subsidiaries such as Minerva Dry, it has expanded into dry bulk, feeder container ships, and LNG transportation, positioning itself as one of Greece’s leading private shipowners.
As of February 7, Hengli Heavy Industries has announced orders for 20+2 new vessels in 2026, including 1 bulk carrier, 12 VLCCs, 2 tankers, and 4+2 container ships, with a total value exceeding RMB 10 billion.
In 2025, Hengli Heavy Industries secured cumulative new ship orders totaling 115 vessels with a value exceeding RMB 100 billion. On January 30, *ST Songfa, the listed entity of Hengli Heavy Industries, issued an announcement stating that it expects to achieve a net profit attributable to the parent company of RMB 2.4 billion to RMB 2.7 billion (approximately US$345 million to US$388 million) for the full year of 2025, turning a loss into a profit; and expects to generate operating revenue of RMB 20 billion to RMB 22 billion (approximately US$2.876 billion to US$3.164 billion).
Notably, *ST Songfa disclosed in early February that its subsidiary Hengli Shipbuilding received a total of RMB 200 million in government subsidies related to assets on February 2, 2026. Additionally, Hengli Shipbuilding received a cumulative total of six government subsidies throughout 2025, amounting to RMB 827 million.