Recently, China State Shipbuilding Corporation’s Dalian Shipbuilding Industry Corporation(DSIC) has secured orders for eight 110,000 DWT oil tankers from three domestic and international shipowners. With these new orders, DSIC’s order backlog for this vessel type has reached 72, giving it the top global market share. So far this year, DSIC has delivered a total of 23 oil tankers of the same type. By focusing on both production and operations, the company has further solidified its competitive edge in the mass production of 110,000 DWT oil tankers.
Teekay Tankers Orders Two 114,000 DWT Product Tankers
On October 29, DSIC signed a contract with Canada’s Teekay Tankers for the construction of two 114,000 DWT product tankers.
Earlier this month, Teekay Tankers announced orders for two Aframax/LR2 tankers at a Chinese shipyard and 2+2 Suezmax tankers at a South Korean shipyard, with delivery expected in 2030. With these four confirmed orders, Teekay Tankers’ confirmed tanker order book has increased to six vessels, with a total value of $525.9 million.
Among Teekay Tankers’ six confirmed vessels, South Korean mid-sized shipbuilder DH Shipbuilding is building four (two crude oil tankers as resale newbuilds and two Suezmax tankers as company-owned orders), with a total construction cost of $376 million. Based on a total construction cost of $525.9 million, the two newbuilds from DSIC are valued at $149.9 million, with a construction cost of approximately $74.95 million per vessel.
Teekay Tankers is a major operator in the global medium-sized oil tanker market, and this collaboration marks its first newbuilding order in China in nearly two decades. The shipowner’s selection of DSIC as its key partner for bringing new vessels to market not only serves as a strong testament to the comprehensive competitiveness of DSIC’s products but also highlights the success of its technological advancements and brand-building efforts in the high-end product tanker sector, further solidifying its leading market position in the industry.
As shown on its official website, Teekay Tankers was established by Teekay Corporation in December 2007 and currently owns 38 tankers (including those under construction) as well as three cruChina Merchants Nanjing Tankerde oil and refined product tankers chartered on a time-charter basis.
China Merchants Nanjing Tanker Orders Four 115,000 DWT Product/Crude Oil Tankers
DSIC also announced that it had signed a contract with China Merchants Nanjing Tanker (NJTC) on November 4 for the construction of four 115,000 DWT product/crude oil tankers. According to an announcement released by NJTC on October 28, the construction cost per vessel for DSIC’s 115,000 DWT product/crude oil tankers does not exceed 490 million yuan. Based on this figure, the total construction cost for the four vessels does not exceed 1.96 billion yuan (approximately $294 million), and they are expected to be delivered sequentially between June and December 2029.
This 115,000 DWT product/crude oil tanker, to be registered under the Hong Kong flag, will be built to green and smart standards, meeting requirements such as the International Maritime Organization’s (IMO) Tier III emissions standards and Phase III of the IMO Energy Efficiency Design Index (EEDI), and will incorporate a design provision for methanol dual-fuel operation.
It is reported that the partnership between DSIC and NJTC dates back to the 1990s, when DSIC delivered the first vessels in several ship series to NJTC. Following last year’s order for two 115,000 DWT product oil/crude oil tankers of the same type, this latest agreement represents a significant achievement in the two parties’ efforts to deepen their strategic cooperation and jointly advance the development of a green fleet. It vividly illustrates the positive dynamic of coordinated development and win-win cooperation across the upstream and downstream segments of the shipbuilding and shipping industries.
According to reports, NJTC is a specialized oil tanker shipping company under China Merchants Group, headquartered in Nanjing. Currently, NJTC owns and controls a total of 73 vessels, with a total deadweight tonnage of 2.78 million tons and an annual shipping capacity exceeding 44 million tons.
Wah Kwong Secures Orders for Two 114,000 DWT Product Tankers
In addition, the option agreement signed by DSIC and Wah Kwong Transport Holdings Ltd. (Wah Kwong), a long-established Hong Kong shipping company, for two 114,000 DWT product tankers took effect at the end of October.
In May 2026, DSIC signed a contract with Wah Kwong for the construction of 2+2 114,000 DWT product tankers; the vessels now entering service are the optional units from that order. This class of 114,000 DWT product tankers was independently developed and designed by DSIC, featuring comprehensive upgrades in operational efficiency, port compatibility, and navigational safety, and strategically positioning the company in the two core industry sectors of green, low-carbon shipping and smart shipping.
Over the years, Wah Kwong has placed cumulative orders with DSIC—through both independent and joint venture arrangements—for 4 product tankers of 44,000 DWT, 4 product tankers of 114,000 DWT, 4 VLCCs of 300,000 DWT, and 2 bulk carriers of 180,000 DWT. The project for 4 LNG carriers of 175,000 cubic meters, built in collaboration between the two parties, is currently in the execution phase.
COSCO Shipping Subsidiary Orders 20 307,000 DWT VLCCs
In addition to the aforementioned eight 110,000 DWT product tankers, COSCO Shipping’s subsidiaries—COSCO Shipping Energy and COSCO Shipping Development—recently announced that they have signed contracts with DSIC for a total of 20 307,000 DWT VLCCs, with a total contract value of 17.21812 billion yuan (approximately $2.581 billion). The vessels are scheduled for delivery between 2029 and 2030.
Specifically, the contract value for the 16 VLCCs ordered by COSCO Shipping Development is 13.42512 billion yuan (excluding tax), priced and paid in cross-border RMB. The newbuilds feature a dual-fuel design capable of running on both methanol and LNG, and are expected to be delivered in stages between October 2029 and December 2030. Upon delivery, this batch of VLCCs will be leased on a long-term operating bareboat basis to Pan Cosmos Shipping & Enterprises, a subsidiary of COSCO Shipping Energy.
The contract price for the four VLCCs ordered by COSCO Shipping Energy is 3.793 billion yuan (including tax), with each vessel priced at 948 million yuan (including tax). Delivery is scheduled between September 2029 and May 2030. The new vessels will feature clean propulsion systems, such as the LNG/methanol dual-fuel READY system, and will be equipped with energy-saving and intelligent systems.
DSIC is China’s first shipbuilder to construct VLCCs and has maintained a long-standing competitive advantage in the VLCC construction market. This bulk order for 20 VLCCs will enable DSIC to leverage its efficiency advantages in shipbuilding while further solidifying its market-leading position in the VLCC sector.