Blueocean Wind announced on its official website that it recently partnered with a prominent Singaporean shipowner and formally signed a contract to build 15 LR2 and MR2 product tankers. The new vessels are expected to be delivered between 2028 and 2030. This marks a landmark commercial ship order secured by the privately-owned group—which began as an offshore engineering equipment manufacturer—since its return to the shipbuilding and repair sector.
Blueocean Wind has not disclosed specific details regarding the exact breakdown of vessel types, technical specifications, or the total value of the contract. Market speculation suggests that the order for the LR2 product tankers may be linked to Yangzijiang Maritime—a Singapore-listed shipping firm helmed by Ren Yuanlin, often dubbed China’s “private shipping magnate”—as well as the Danish product tanker owner TORM.
Earlier this month, in its third-quarter 2024 earnings report, TORM confirmed that it had signed agreements for the construction of eight LR2 product tankers through a 50/50 joint venture with an unnamed partner. The new vessels are scheduled for delivery between 2029 and 2030. Details such as the shipyard and the contract value have not been disclosed, other than the fact that the agreements were signed after September 30.
According to industry media outlets like TradeWinds, the “mystery partner” is believed to be Yangzijiang Maritime, with the eight LR2 product tankers reportedly set to be built by the Blue Water Group. However, as of now, neither Yangzijiang Maritime nor TORM has officially confirmed this partnership. Furthermore, it remains unclear whether TORM’s eight new vessels are included in the order for 15 product tankers previously announced by the Blue Water Group.
Based on information from its official website, Blueocean Wind was founded in 1996. Its current business scope encompasses shipbuilding, the manufacturing of offshore oil and gas equipment, the R&D and production of offshore wind power equipment, and the development of integrated equipment for marine ranching. The company has established six major manufacturing bases across Jiangsu, Guangdong, Guangxi, and Hainan. Originally a labor subcontractor for offshore oil and gas equipment construction, Blueocean Wind later transitioned into an offshore wind power equipment enterprise. As the shipbuilding industry enters a new period of prosperity, the group is shifting its strategic focus back to its core business—shipbuilding and repair—with a concerted effort to expand into the commercial vessel construction market.
Blueocean Wind adopts a shipbuilding approach featuring “modular division of construction plus specialized final assembly”: the Hainan base serves as the core center for vessel final assembly and delivery. The base is equipped with two large dry docks—one of 300,000-ton class and one of 200,000-ton class—and outfitting berths with a total length of 2,060 meters, undertaking vessel grand assembly, outfitting, sea trials, and delivery. It coordinates with production bases in Guangdong and Guangxi for supporting components. Each subsidiary yard is equipped with large gantry cranes of 2,400 tons or above and corresponding deep-water harbor basin resources, responsible for the simultaneous prefabrication of hull ring sections, superstructures, bow sections, and engine room modules, forming a model of “parallel section manufacturing, off-site supporting production, and centralized final assembly.”
Building on this approach, Blueocean Wind splits components such as hull ring sections, superstructures, bow sections, and engine room modules for simultaneous prefabrication at specialized factories, creating a production model of “parallel section manufacturing, off-site supporting production, and centralized final assembly.” Blueocean Wind stated that “this model significantly shortens the construction cycle of individual vessels, effectively controls construction quality, and enhances the capacity to undertake batch orders. It has formed a distinctive feature and competitive advantage within China’s shipbuilding industry, and has also earned high recognition and full trust from major shipowners and project owners at home and abroad.”
Supported by this plan, Blueocean Wind stated that securing this major overseas order for product tankers is of great significance to the group’s return to the shipbuilding business and represents a concentrated practical implementation of the group’s modular shipbuilding model.