Ltd., a subsidiary of China State Shipbuilding Corporation (CSSC), together with Dalian Shipbuilding Heavy Industry Group Co., Ltd. signed a contract for the construction of two LNG dual-fuel-powered Very Large Crude Carriers (VLCCs) with Capital Maritime & Trading (Capital) of Greece during the Hellenic Maritime Expo 2024.
Evangelos M. Marinakis, Chairman of Capital, Jerry Kalogiratos, President of Capital, Du Gang, Deputy Secretary of the Party Group and Director of China State Shipbuilding Corporation (CSSC), Wang Yongliang, Director of the Department of Economic Operation, He Xu, Vice General Manager of Dalian Shipbuilding, and Lin Feng, Vice General Manager of Capital Maritime & Trading, were present at the signing ceremony to witness the signing of the contract, and other guests attended the signing of the contract.Authorised Signatories of Capital Nicholas G. Los, Peng Guisheng, Director of Marketing Department of Dalian Shipbuilding, and Zhang Dalei, General Manager of the Second Department of Ship and Sea Business of China Shipbuilding Trading signed the shipbuilding contract on behalf of the three parties.
It is understood that Capital placed an order for 4+2 307,000 dwt LNG dual-fuel VLCCs in Dalian Shipbuilding at the beginning of this year, of which the latest 2 are the alternative vessels to take effect. All six new vessels will be built at Dalian Shipbuilding's Tianjin base and are scheduled for delivery between 2026 and 2027. The cost of each vessel is said to be around US$140 million, and the total amount for all 6 vessels will be US$840 million (approximately RMB 6,088 million).
For reference, according to Clarkson's data the current price of a conventional-fuelled 315,000-320,000 dwt VLCC newbuild is $130.5 million, up 4 per cent from $126 million a year ago.
The vessel is an optimised and upgraded version of VLCC tailor-made by Dalian Shipbuilding for the shipowner, equipped with ME-GI high-pressure dual-fuel power engine, which can reduce carbon emission by 20% compared with traditional fuel, and has reached the world's advanced level of the same type of vessel in terms of overall performance, environmental protection characteristics, safety and reliability. Before the signing ceremony, the two sides held the first high-level discussion, and had in-depth exchanges on the development trend of green and low-carbon, and the prospects for future cooperation.
China Shipbuilding Trade pointed out that the project took nearly one year from the initial contact to the project landing, during which China Shipbuilding Trade gave full play to the role of the main platform of ship and sea market operation, continuously tracked the needs of shipowners, coordinated the top-level design, promoted the mutual visits and exchanges, gradually constructed the new customer's overall knowledge of the market trend, the competitive plate, the shipbuilding enterprise's technological strength and the layout of the ship position, etc., and effectively enhanced the shipowner's price expectations, and Dalian Shipbuilding, closely coordinating with the negotiation strategy and negotiating the contract. The company worked closely with Dalian Shipbuilding to collaborate on negotiation strategies, negotiate contract terms and avoid business risks, and jointly facilitated the first round of cooperation between China and Greece under the premise of fully safeguarding the interests of the Group, helping to carry out the ‘three-win concept’ with practical actions, striving to realise value creation, and making due contribution to leading the green transformation of global shipping together and promoting the high-quality development of China's shipbuilding industry.
Capital is a subsidiary of Evangelos Marinakis, a top five shipping company in Greece, with strong strength and active investment, now holding more than 100 ship assets, and is committed to promoting environmental upgrading of the fleet and leading the green development of the industry. Marinakis started the ‘Green Revolution’ fleet transformation programme six years ago and has ordered about 80 newbuildings with a total value of nearly US$9.5 billion, to be delivered from 2020 to 2028.
VLCC is Dalian Shipbuilding's traditional advantage, as early as 2002 Dalian Shipbuilding delivered China's first VLCC, since then Dalian Shipbuilding has delivered 117 VLCCs to domestic and foreign shipowners, which is the highest number of deliveries by domestic shipyards. According to Clarkson's data, among the top five monohull shipyards in terms of VLCC hand-held orders, two of them are from Dalian Shipbuilding Group, namely the first-ranked Daship Tianjin (13 vessels) and the fourth-ranked Dalian Shipbuilding (6 vessels).
According to Clarkson's data, Dalian Shipbuilding Group currently holds orders for a total of 110 vessels of 15.44 million dwt, including Dalian Shipbuilding's 2 Floating Production, Storage and Offloading (FPSO) tankers, 1 bunkering tanker, 1 shuttle tanker, 2 containerships, 15 oil tankers, and 15 175,000 mcf of LNG carriers in total of 36 vessels, Tianjin Base's 13 oil tankers, 3 bulk carriers, and 12 containerships in total of 28 vessels, and Dalian Shipbuilding Shan Shipbuilding Heavy Industry 21 tankers, 2 containerships, 5 open carriers and 18 containerships totalling 46 vessels, with delivery schedules already lined up until 2028.
https://www.cnss.com.cn/html/shipbuilding/20240611/353710.html
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