Singapore-based liner owner and operator X-Press Feeders is refocusing its attention on the crude oil transport market, reportedly having placed orders with a Chinese shipbuilder for multiple crude oil tankers.
According to TradeWinds, Eastaway, the tanker subsidiary of X-Press Feeders, has placed an order with Penglai Zhongbai Jinglu Ship Industry Co., Ltd. (Jinglu Shipyard) for four 157,000 DWT Suezmax tankers. With each vessel costing approximately $80 million, the total value of the four newbuilds is estimated at $320 million.
Sources revealed that the shipbuilding contract was signed several months ago, with delivery scheduled for 2029 and 2030; the new vessels will be powered by conventional fuel.
It is worth noting that as early as April of this year, market rumors suggested that X-Press Feeders was planning to place a bulk order for Suezmax tankers at Jinglu Shipyard. At the time, the publicly disclosed order size was for up to six vessels. It is not yet known whether the formal shipbuilding contract that has now been finalized includes any options.
From the shipbuilder’s perspective, the largest oil tanker Jinglu Shipyard had previously built and delivered was a 50,000 DWT MR product tanker. This batch of new vessels for X-Press Feeders not only marks Jinglu Shipyard’s first contract to build Suezmax-class oil tankers but will also be the largest vessel the shipbuilder has ever constructed in the oil tanker sector, making it a landmark order in the company’s history.
As a large, modern shipbuilding and repair enterprise with state-owned controlling interest, Jinglu Shipyard has, in recent years, expanded beyond its traditional focus on oil and chemical tankers, small- and medium-sized bulk carriers, and container ships to gradually venture into the construction of large vessels.
In 2024, Jinglu Shipyard officially entered the large container ship construction sector with the delivery of an 11,500 TEU liquefied natural gas (LNG) dual-fuel container ship for MSC. the two parties have now increased their order for ships of this type to 16+4. This batch of dual-fuel 10,000-TEU vessels represents the largest ships Jinglu Shipyard has undertaken to date; previously, the shipyard had only built feeder vessels of 3,000 TEU or smaller.
From the shipowner’s perspective, X-Press Feeders is known for its container shipping business and primarily operates feeder container ships. This order for oil tankers reflects a shift in X-Press Feeders’ strategic direction and marks the shipowner’s return to the oil tanker market after a one-year hiatus.
In July 2025, Eastaway exited the tanker business by selling the LR2 tanker “Hesperia Tide” to New Shipping, a private shipping company owned by Greek shipowner Adam Polemis. Returning to the tanker business a year later, the shipowner chose to invest directly in larger Suezmax-class tankers, one of the primary vessel types used to transport crude oil on international routes.