On June 12, Shanhaiguan Shipbuilding Industry Co., Ltd. (SHGSIC), a subsidiary ofDalian Shipbuilding Industry Corporation(DSIC), broke ground on two vessels on the same day: a 7,100-TEU container ship (C7100-9) being built for Greece’s Danaos Corporation, and the first of a series of 115,000 DWT LR2 product tankers (P110K-97) being built for South Korea’s Cido Shipping.
The LR2 product tanker project marks the first collaboration between SHGSIC and South Korea’s CIDO. In 2024, CIDO entered the LR2 tanker market for the first time by signing a contract with SHGSIC for the construction of 10 conventionally powered LR2 tankers. The order is valued at approximately 4 billion yuan (approx. $591 million at current exchange rates), with deliveries expected to begin in 2028.
Market sources report that SHGSIC has recently secured an order for four LR2 product tankers from Greek shipping giant Thenamaris, with delivery expected in 2029. This tanker order marks the first collaboration between Thenamaris and DSIC in 30 years, following their first shipbuilding contract signed in 1996.