According to TradeWinds, South Korean shipping company HMM has signed a contract with Hengli Heavy Industries for the construction of four Very Large Crude Carriers (VLCCs). The reported cost per vessel is nearly $125 million, with the total cost for the four vessels approaching $500 million. Delivery is expected around 2029.
A spokesperson for HMM confirmed that the company currently holds orders for four VLCCs scheduled for delivery around 2029. HMM stated: “As part of our medium- to long-term development strategy, we are actively expanding our bulk carrier and tanker operations. To this end, we will continue to enhance our fleet capacity through various means, including the purchase of second-hand vessels and the ordering of newbuilds. While we are unable to disclose the shipyard involved in this transaction at this time, we can confirm that this order is a resale contract rather than a direct order.”
Sources reveal that HMM has selected Hengli Heavy Industries for shipbuilding. The four VLCCs were originally ordered by Hengli Heavy Industries’ parent company, Hengli Group, which subsequently resold the vessels to shipowners in need.
This is not an isolated case. Between 2024 and 2025, six VLCCs ordered by Hengli Group at its own shipyard were resold to the Greek company Dynacom. This shipowner has now become one of Hengli Heavy Industries’ first overseas clients and key partners, with the two parties currently collaborating on more than 40 new ship orders.
Currently, the VLCC market is experiencing explosive growth in new orders. Since May, 33 new orders (including options) have been announced, involving five shipyards, several of which are undertaking this vessel type for the first time, such as Hudong-Zhonghua with 12 vessels, Wison Clean Energy with 6+4 vessels, and Wuhu Shipyard with 4+4 vessels.
Clarksea data shows that as of the end of May, global shipbuilder held a total of 261 VLCC orders, with Hengli Heavy Industries holding 80 of them, ranking first among global shipbuilders.
In October 2025, HMM placed an order with HD Hyundai Heavy Industries for two 310,000 DWT VLCCs, with each vessel costing approximately $128 million, to be delivered sequentially in the second half of 2027. Including the order from Hengli Heavy Industries, HMM currently has six VLCCs on order.
Data shows that HMM’s fleet currently operates 14 VLCCs, 13 of which are owned vessels. Once the six newbuilds are delivered, the size of its VLCC fleet will increase to 20 vessels.
After placing orders for dozens of container ships in 2025 and 2026, HMM is adjusting its newbuilding strategy. The company has put on hold plans to finalize orders for at least 10 13,000 TEU LNG dual-fuel container ships originally scheduled for the second half of 2026, and is shifting its business focus toward energy transportation. The shipping company is now focusing its orders on vessel types such as Suezmax tankers, MR tankers, VLGCs, and LNG carriers.