Dubai-based shipowner Emarat Maritime continues to expand its newbuilding program and has finalized orders for multiple 74,000 DWT LR1 product tankers at a Chinese shipyard, bringing its total newbuilding order book to 22 vessels.
Fleet data from Emarat Maritime’s official website indicates the addition of six 74,000 DWT LR1 product tankers—bearing hull numbers HT-OT74-712 through HT-OT74-717—with deliveries scheduled for 2029 (two vessels) and 2030 (four vessels).
Based on the hull numbers and market reports, these vessels are being constructed by Jiangsu Hantong Ship Heavy Industry Co., Ltd (HT); the contract price has not yet been disclosed. Given that the recent per-vessel cost for similar LR1 product tankers at Chinese shipyards is approximately $55 million, the total value of the six vessels at Hantong is estimated to be around $330 million.
This newbuild project will significantly expand Emarat Maritime’s business presence in the LR1 product tanker segment. Its current fleet consists of only three aging vessels of roughly comparable size: the “Dubai Diamond” and “Dubai Gold,” both built in 2007, and the “Dubai Green,” built in 2005. Consequently, upon the delivery of the six new vessels from HT, the owner’s LR1 product tanker fleet will triple in size.
With the addition of the six newly announced vessels, Emarat Maritime’s order book has grown to 22 vessels, all of which are being built by Chinese shipyards. The remaining 16 vessels consist of six 114,000 DWT LR2 product tankers and four 93,000 cbm Very Large Ammonia Carriers (VLACs) from Hengli Heavy Industries, as well as six 930 TEU feeder container ships from Guangji Green Energy Shipbuilding.
Among them, Hengli Heavy Industry’s six LR2-class product tankers are expected to be delivered in 2026 (one vessel) and 2027 (five vessels), with each vessel costing approximately $71.5 million, for a total value of approximately $429 million; Four VLACs are expected to be delivered in 2027 (2 vessels) and 2028 (2 vessels), with a construction cost of approximately $105 million to $110 million per vessel, for a total construction cost of approximately $420 million to $440 million. This order for VLACs marks Emarat Maritime’s official entry into the gas carrier market.
Guangji Green Energy Shipbuilding originally announced the contract for Emarat Maritime’s order of 930 TEU feeder container ships—comprising three firm orders and three options—on June 12, 2026. Based on the newbuild specifications provided by the owner, the three options have since been exercised, bringing the total to six vessels scheduled for delivery in 2028 (four vessels) and 2029 (two vessels).
For a shipping company with an existing fleet of just 19 vessels and a total capacity of 1.5 million deadweight tonnes (DWT), the 1.46 million DWT of capacity currently under construction—an amount nearly equal to its active fleet—represents a significant expansion of the company’s fleet.
In recent years, HT has continuously optimized its product mix—shifting from bulk carriers to include oil tankers—and ramped up R&D investment, gradually building manufacturing capabilities that span various vessel types, including bulk carriers, oil tankers, and container ships.
Overall, HT’s new shipbuilding projects this year have focused primarily on the oil tanker and bulk carrier markets, covering vessel types such as VLCCs, Suezmax tankers, product tankers, and Ultramax, Kamsarmax, and Newcastlemax bulk carriers; with the addition of the latest six new vessels, the company’s annual order volume has reached approximately 70 vessels.