The private Chinese petrochemical company Hengli Group has placed an order with its shipbuilding subsidiary, Hengli Heavy Industrits, for four 306,000 DWT very large crude carriers (VLCCs), according to shipbroker Bancosta. The contract price and delivery schedule have not yet been disclosed.
Hengli Heavy Industries officially entered the VLCC construction sector in September 2023 with an initial order from Hengli Group for two 306,000 DWT VLCCs—a significant milestone in the shipyard’s development. In September 2024, Hengli Group again commissioned Hengli Heavy Industries to build four VLCCs of the same type. Including this latest order of four vessels, Hengli Heavy Industries has secured orders for at least ten VLCCs from its parent company, Hengli Group.
It is reported that all six VLCCs ordered by Hengli Group from Hengli Heavy Industries between 2023 and 2024 have been resold to Dynacom Tankers, a tanker shipping company owned by Greek shipping magnate George Procopiou. While the resale price for the first two vessels was not disclosed, the subsequent four were sold for $118 million each; these newbuilds are currently in the delivery phase.
Given Hengli Group’s established practices and the current booming VLCC market, it is possible that the four “self-ordered” VLCCs recently contracted by Hengli Heavy Industries could also be resold.
Since entering the VLCC newbuilding market in 2023, Hengli Heavy Industries has rapidly emerged as a “dark horse” shipyard in the sector.
The shipbuilder’s robust order-winning capability is particularly evident in its performance regarding 2026 delivery slots: global shipowners placed orders for a total of 177 VLCCs, with Chinese shipyards securing approximately 89% of the volume. Within this Chinese share, Hengli Heavy Industries captured a commanding 55% market share—far surpassing the second and third-ranked players, Jiangsu Hantong Ship Heavy Industry Co., Ltd. (HT) at 14% and Dalian Shipbuilding Industry Corporation (DSIC) at 11%.
Looking at the VLCC market as a whole, 2026 is undoubtedly a year of explosive order growth for newbuilds. Orders placed in the first half of the year totaled 177 vessels and 54.5 million deadweight tons (DWT)—a six-month figure that far surpasses the previous annual record of 32.6 million DWT set in 2006.
This means that even if no further orders are placed by shipowners during the second half of 2026, the volume of VLCC orders already secured this year will set a new annual record, marking the strongest year for shipbuilding in this market segment’s history.