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Longxue Shipbuilding wins orders for two LR2 tankers

2013-08-10 09:00

Guangzhou Longxue Shipbuilding Co., Ltd. recently privately signed a construction contract for two 115,000 DWT oil tankers with Hong Kong Wallem Shipping Co., Ltd. The new vessels are expected to be delivered in the fourth quarter of 2015. Industry estimates the price per vessel to be between US$47 million and US$48 million.
However, a senior executive from Hong Kong Wallem Shipping Co., Ltd. stated, "We are still studying it and have not officially signed the contract."
        A shipbroker said, "Wallem Shipping signed a letter of intent some time ago, but it is currently unclear whether the contract has officially come into effect."
Guangzhou Shipyard International (GSI), a subsidiary of CSSC Group, which holds controlling shares in Longxue Shipbuilding, declined to comment on the matter.
        Insiders say this is Wallem Shipping's first order for LR2 oil tankers in nearly a decade. Wallem Shipping owns MR product tankers, but this is their first time ordering LR2 oil tankers. It is understood that Wallem Shipping currently has 10 Aframax oil tankers used for crude oil transportation.
The market believes that the shift in refined oil transportation patterns is the reason for Wallem Shipping updating its fleet. Industry insiders stated: "Many refineries are currently looking for newly built LR2 oil tankers for investment." In addition, the main reason for Wallem Shipping expanding its fleet is the current very low price of new ships. A source said: "We heard that the price of the two oil tankers ordered by Wallem Shipping is very attractive."
         It is understood that Wallem Shipping previously ordered 50,000 DWT product tankers from Guangzhou Shipyard International, and one is still under construction, which has been named "Seaclipper" and is expected to be delivered this year.

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