Chinese shipbuilding phenomenon Hengli is on track to deliver at least 160 ships in 2028, according to new analysis from SSY, underlining one of the most extraordinary industrial expansions the shipbuilding sector has ever witnessed. The Dalian yard, which only acquired the former STX Dalian facility in 2022, has amassed an orderbook of at least 395 firm orders, equivalent to 12.2 million compensated gross tonnes (cgt), making it one of the world's largest privately owned shipbuilders in little more than four years, SSY reported.
Orderbook and Delivery Ramp-Up
According to SSY, the yard's first commercial deliveries only took place in 2024, while the real production ramp-up is set to begin in the second half of 2026. Deliveries are projected to rise from 17 vessels last year to around 80 this year, 120 in 2027 and at least 160 ships in 2028. The orderbook is currently weighted heavily towards tankers, which account for roughly half of contracted cgt. After an initial focus on kamsarmax bulkers, the yard is moving into larger capesize bulkers, VLCCs, suezmaxes, LR2 tankers and large containerships exceeding 20,000 teu.
| Year | Projected Deliveries |
|---|---|
| 2025 (last year) | 17 vessels |
| 2026 (this year) | ~80 vessels |
| 2027 | 120 vessels |
| 2028 | at least 160 vessels |
VesselsValue data shows Hengli is now China's largest yard by order volume. The company averaged one new order every three days throughout 2025, a pace that has continued into 2026, according to the source.
Industrial Backing and Expansion
Hengli is part of what SSY describes as China's third-largest private industrial group. The conglomerate is reported to account for around one-third of Dalian's GDP, giving it substantial influence and strong local government support. The yard has also unveiled a 13.5bn yuan ($1.9bn) expansion programme that could make it the largest shipyard site in the world, Splash247 reported. The yard's rapid ascent also reflects the scarcity of prompt newbuilding slots: with leading Chinese, Korean and Japanese yards effectively sold out into the next decade, Hengli has been able to offer owners delivery positions that would otherwise be unavailable.
Market Context and Customer Confidence
Just as striking as the scale of its orderbook is the speed with which shipowners have embraced the newcomer. Hengli's customer list already spans prominent Greek owners, listed shipping companies, major liner operators and Chinese state-linked groups. Broker Hartland Shipping noted that China's shipbuilding expansion shows few signs of slowing. "Every week a new Chinese yard seems to be opening or reawakening dormant capacity," the broker observed. "They are not just building coasters too, often jumping in at the deep end: VLCCs, Newcastlemaxes or main-lane containers."
Technological Milestones
Earlier this year, construction began on three giant gantry cranes at Hengli's super drydock, including two 2,000-tonne units with a record-breaking 256 m span. The yard also became the first shipbuilder in the world to simultaneously launch four 306,000 dwt VLCCs, a milestone that encapsulates how far the company has come since its rebirth in 2022. Aerial shots of the yard point to a forest of gantry cranes on a scale rarely seen anywhere in the world, according to the source.
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