Singapore-based Asiatic Lloyd has placed an order for three LR2 product tankers at HD Hyundai's yard in the Philippines, adding 345,000 deadweight tonnes (dwt) of capacity scheduled to enter service between 2028 and 2029, according to Splash247. The deal marks the Bunnemann family-controlled owner's return to larger product tanker newbuildings after it exited its older LR2 exposure in 2023.
Order Details
According to shipbuilding sources cited by Splash247, each of the three vessels will have a capacity of 115,000 dwt and is priced at approximately $73 million. The tankers are being built at HD Hyundai's Philippines yard, with deliveries expected in 2028 and 2029. No official announcement has been made by Asiatic Lloyd or the yard.
| Vessel type | Capacity (dwt) | Price per vessel | Yard | Delivery timeframe |
|---|---|---|---|---|
| LR2 product tanker | 115,000 | ~$73 million | HD Hyundai Philippines | 2028–2029 |
Fleet Expansion and Diversification
Asiatic Lloyd has been steadily diversifying beyond its container ship base, with investments across dry bulk, product tankers and car carriers, the report noted. The company's current fleet, under the AL Group, includes eight MR2 product tankers in operation, all delivered between 2023 and 2025. Six of those 50,000 dwt vessels were built at Hyundai Vietnam, while the remaining two were delivered by Hyundai Mipo in South Korea.
| Vessel type | Quantity | Capacity per vessel | Delivery years | Builder |
|---|---|---|---|---|
| MR2 product tanker | 8 | 50,000 dwt | 2023–2025 | Hyundai Vietnam (6), Hyundai Mipo (2) |
Beyond tankers, the group has also been active in containership newbuildings. Splash247 reported last year that Asiatic Lloyd had returned to Dalian Shipbuilding in China for a pair of 7,100 TEU containerships, adding to earlier orders at the same yard.
Implications for Operations
For logistics managers and freight forwarders, the order signals a strategic expansion in the product tanker segment by a mid-sized owner. The new LR2s will add capacity to the global clean petroleum products trade, though the vessels will not be available until 2028–2029. In the near term, the operator's existing MR2 fleet remains active, providing spot and contract coverage for refined product movements. No further financial or operational details were disclosed in the source.
Watch list: Delivery timelines at HD Hyundai Philippines yard; any further orders by Asiatic Lloyd in the tanker or container segments; and market conditions for LR2 freight rates upon vessel delivery.
Sources:
