Chinese leasing giant Minsheng Financial Leasing has placed an order for four very large crude carriers (VLCCs) at Jiangsu New Hantong Ship Heavy Industry in a deal worth around $500m, extending the lessor's rapid run of charter-backed shipping investments, according to Splash247.
The $500m VLCC deal and Gunvor link
Shipbuilding sources have linked Minsheng to four 319,000 dwt vessels priced at around $125m each, Splash247 reported. The quartet is being tied by market sources to Clearlake Shipping, the chartering arm of commodities trader Gunvor. Details of the employment arrangements and delivery dates have yet to emerge, and neither Minsheng nor the yard has publicly announced the contracts.
Neither Minsheng nor the yard has publicly announced the contracts.
The order deepens Minsheng's direct involvement in ocean-going tanker ownership. The lessor is already the shipowner behind a fast-growing portfolio of crude, product, and LNG carriers, all financed and owned by Minsheng and chartered to major energy names.
Expanding Shell-backed MR and LNG programmes
Days before the VLCC order, Minsheng expanded its Shell-backed MR tanker programme at Guangzhou Shipyard International from six to 11 vessels, Splash247 reported. All 11 of the 49,900 dwt ships will be owned and financed by Minsheng and chartered to Shell Tankers.
Minsheng is also the shipowner behind four 175,000 cu m LNG carrier newbuildings at Jiangnan Shipyard for Shell Singapore, scheduled for delivery in 2028 and 2029.
The combined orders show a pattern: Minsheng takes asset ownership and long-term charter cover, while energy traders and majors secure modern tonnage without tying up their own balance sheets. For tanker operators and charterers, these vessels will add to the global crude and product tanker fleet once delivered, potentially expanding supply in the VLCC and MR segments.
New Hantong's growing VLCC orderbook
Jiangsu New Hantong Ship Heavy Industry has rapidly built one of the industry's largest VLCC backlogs after breaking into the segment with Trafigura in 2024, Splash247 reported. Since then, Eyal Ofer's Zodiac Maritime has placed a sizeable VLCC programme at the yard, while Yasa Holding recently signed up for four 319,000 dwt units at around $125m each. Yangzijiang Maritime has also built up a 12-ship VLCC series at New Hantong.
| Customer | Vessel type/size | Number of vessels | Reported price per vessel |
|---|---|---|---|
| Minsheng Financial Leasing | 319,000 dwt VLCC | 4 | ~$125m |
| Yasa Holding | 319,000 dwt VLCC | 4 | ~$125m |
| Yangzijiang Maritime | VLCC (size not specified) | 12 | Not specified |
| Zodiac Maritime | VLCC programme (size not specified) | Not specified | Not specified |
The table reflects only details explicitly stated by Splash247; the yard's total backlog is described as one of the industry's largest, anchored by the Trafigura entry in 2024.
What it means for shippers and charterers
The newbuildings are not yet on the water, but the scale of the orders indicates a sustained build-up in tanker capacity at Chinese yards, with Minsheng acting as financier-owner and energy majors or traders providing the charters. For freight forwarders and logistics managers monitoring tanker capacity, the immediate operational impact is limited — delivery dates for the VLCC quartet have not been disclosed. However, the expansion of the Shell-backed MR fleet to 11 ships at Guangzhou Shipyard International suggests that more product tanker capacity is coming into service under long-term charter arrangements.
For charterers, a larger modern fleet could eventually ease vessel availability in the VLCC and MR segments, though market effects will depend on when these ships are delivered and how trade routes evolve. Ocean carriers and tanker operators should watch New Hantong's delivery schedule closely: the yard now holds a major share of the industry's VLCC orderbook, and any delays or acceleration at the yard will ripple through tanker supply expectations.
Watch list
- Employment and delivery dates for the four Minsheng VLCCs, which have yet to be announced
- Execution of the expanded 11-vessel Shell MR tanker programme at Guangzhou Shipyard International
- Construction progress on the four LNG carriers at Jiangnan Shipyard for Shell Singapore, due in 2028 and 2029
- Further VLCC orders at Jiangsu New Hantong from either existing customers or new entrants
Sources:
