The Shandong Provincial People’s Government-owned Shandong Shipping Corporation has taken delivery of the first of eight 50,000-dwt MR tankers from Jiangsu New Times Shipbuilding and signed a letter of intent for the construction of 10 more
Shandong Shipping Corporation is becoming a major player in the product tanker sector. Having ordered eight 50,000 dwt in 2020 from Jiangsu New Times Shipbuilding against a charter from Shell, the provincial state-owned company took the occasion to announce another contract.
The new contract is a letter of intent for constructing a further 10 product tankers of 50,000 dwt each from the same shipyard.
According to local press reports, the IMO II tanks will be coated with MarineLINE 784 paint from Advanced Polymer Coatings. The announcement took place during the naming of Solar Sally, which is one of the eight-vessel series which was ordered against an eight-year charter to Shell.
The rate was undisclosed, but the total value of the charter is believed to be US$380M.
Shandong Shipping Corporation has a fleet of 20 live vessels, comprising 14 dry bulk carriers, one container ship, four tankers and one LNG carrier. The Shandong Shipping Corporation orderbook consists of four Capesize dry bulk carriers, four Panamax dry bulk carriers and the remaining seven MR tankers on order at Jiangsu New Times Shipbuilding.
Two of these, Solar Sally and Solar Cheryl, were launched in April 2021.