Minsheng Financial Leasing has expanded its Shell-backed tanker programme at Guangzhou Shipyard International (GSI) to 11 ships, adding five newbuildings as construction starts on the original six-vessel series, according to Splash247.
Programme expansion and charter structure
The latest contracts, signed by Minsheng, GSI and China Shipbuilding Trading, marked the CSSC-controlled yard’s work kickoff on the first ship in the initial batch, Splash247 reported. All 11 vessels will be chartered to Shell Tankers under arrangements already agreed with Minsheng. The Chinese lessor will own and finance the ships, giving Shell long-term control of the capacity without taking the assets directly onto the energy major’s balance sheet.
Vessel design and specifications
Each of the 49,900 dwt chemical and product carriers will be based on GSI’s 16th-generation MR design, featuring an optimised hull and propulsion package aimed at reducing fuel consumption and emissions, according to the report.
Pricing and delivery estimates
No contract value or delivery schedule has been disclosed. Chinese shipbuilding sources earlier linked Shell with MR slots at GSI for delivery between 2029 and 2030, with prices estimated at between $45.5m and $46m per ship, Splash247 reported. On that basis, the latest five vessels would be worth about $228m to $230m.
| Programme detail | Original six-vessel series | Additional five-vessel order | Total programme |
|---|---|---|---|
| Vessel count | 6 | 5 | 11 |
| Deadweight | 49,900 dwt | 49,900 dwt | 49,900 dwt |
| Estimated price range per ship | $45.5m–$46m | $45.5m–$46m | — |
| Estimated value of additional order | — | ~$228m–$230m | — |
Construction activity at GSI
The order adds to a heavy run of MR contracting at GSI. Splash reported earlier this year that Evangelos Pistiolis-led Central Group booked 10 product tankers at the yard in a deal approaching $500m. Pleiades Shipping and Nanjing Tanker have also added ships at GSI during 2026.
Existing LNG collaboration
Minsheng and Shell are already working together on four 175,000 cu m LNG carrier newbuildings at Jiangnan Shipyard, according to Splash247. Those ships are scheduled for delivery in 2028 and 2029, with Shell Singapore taking the vessels on long-term charter, Shandong Marine Energy handling commercial management and Shell International Shipping overseeing technical operations.
Implications for tanker capacity
The 11 MR newbuildings will each add 49,900 dwt of chemical and product carrier capacity to Shell’s controlled fleet. Splash247 reported that delivery is estimated between 2029 and 2030, with the vessels chartered to Shell Tankers under arrangements already agreed with Minsheng. This structure gives Shell long-term control of the tonnage without taking the assets onto its balance sheet.
Watch list
- Delivery window for the MR tankers is estimated between 2029 and 2030, but no official schedule has been disclosed.
- Contract value for the additional five vessels remains undisclosed; estimates place the five at roughly $228m–$230m.
- GSI continues to attract MR product tanker orders, including Central Group’s 10-vessel deal and additional ships from Pleiades Shipping and Nanjing Tanker during 2026.
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