Penglai Zhongbai Jinglu Ship Industry Co., Ltd. (Jinglu Shipyard), which entered the Suezmax tanker construction sector just a few months ago, is accelerating its efforts to build up its order backlog in this market, with its latest project involving a Greek shipowner.
Shipbroking and market sources have revealed that Greek owner Chemnav Shipmanagement has placed an order with Jinglu Shipyard for two 158,000 DWT Suezmax tankers. Delivery is expected in 2029, and the contract price has not been disclosed.
It is understood that Jinglu Shipyard is set to enter the Suezmax tanker construction sector in 2026, with its inaugural order coming from the Singapore-based liner owner and operator, X-Press Feeders. The contract with X-Press Feeders covers four 158,000 DWT Suezmax tankers, priced at approximately $80 million per vessel, with deliveries scheduled for 2029 and 2030.
Based on a unit price of $80 million, the total value for the six Suezmax tankers that Jinglu Shipyard has publicly announced to date amounts to approximately $480 million.
It is worth noting that the Suezmax tanker represents the largest type of vessel that Jinglu Shipyard has undertaken to build in the tanker sector; previously, the largest oil tankers the shipyard had constructed and delivered were 50,000 DWT MR product tankers.
For the shipowner, Chemnav Shipmanagement, this order at Jinglu Shipyard marks a return to the Suezmax tanker market after an absence of several years. About six years ago, the company had operated a single Suezmax tanker, which was built in 2003.
Data indicates that Chemnav Shipmanagement currently operates 13 tankers. Its fleet ranges from 36,600 DWT chemical/product tankers to 105,600 DWT Aframax tankers, including three 50,000 DWT MR product tankers delivered from South Korea’s K Shipbuilding in 2025. Furthermore, the shipowner has orders for two additional 50,000 DWT MR product tankers currently under construction at K Shipbuilding.
Looking at the market as a whole, Suezmax tankers have been one of the most sought-after vessel types in the newbuild market so far this year. According to data from shipbroker Xclusiv Shipbrokers, as of the end of September 2026, global shipowners had placed orders for a total of 95 Suezmax tankers. In terms of the number of orders, this vessel type ranks third, behind only Very Large Crude Carriers (VLCCs) and MR product tankers.
In terms of deadweight tonnage, the current orderbook for Suezmax tankers accounts for approximately 30% of the existing fleet. Meanwhile, more than 37% of the current fleet is 16 years old or older, indicating significant potential for fleet renewal.