Vietnam’s Asia Pacific Shipping accelerates product and chemical tanker fleet expansion

Asia Pacific Shipping (ASP), a Vietnamese shipowner and manager established in 2021, continues to solidify its position as a key player in niche shipping sectors, notably product and chemical tankers, gas carriers and methanol dual-fuel vessels.

In early 2025, ASP made headlines with its ambitious newbuilding programme, which includes 12 tanker orders placed at Chinese shipyards.

According to BRL, eight 115,000-dwt LR2 product tankers were ordered at Dalian Shipbuilding, with two additional similar vessels contracted at Shanghai Waigaoqiao Shipbuilding. Wuhu Shipyard secured orders for two fully stainless steel 25,900-dwt chemical carriers. All these vessels are scheduled for delivery between 2027 and 2028.

These latest orders are in addition to 12 vessels previously reported as under construction or contracted. This includes six 25,900-dwt stainless steel chemical carriers, four MR2 product tankers, and two 50,000-m³ LPG carriers, underscoring ASP’s dedication to meeting evolving market demands.

In August 2024, construction commenced on two of the MR2 tankers ordered at Shanghai Waigaoqiao Shipbuilding. ASP representative, Nguyen Quynh Anh remarked, “These vessels not only enhance our fleet, helping us to serve our clients more effectively, but reaffirm our dedication to advancing sustainable practices within the industry.”

The current composition of ASP’s 27-strong fleet (excluding the aforementioned newbuildings) reflects the company’s strategic priorities. Tankers dominate the portfolio, representing 54% of the fleet’s market value and 51% of its total deadweight tonnage, according to VesselsValue data. Bulk carriers account for approximately 23% of market value and 41% of deadweight, while LPG carriers contribute 22% of market value. Auxiliary vessels, such as oceangoing tugs and offshore support vessels, play a minor role in ASP’s overall capacity and value.

ASP’s secondhand acquisition strategy complements its newbuilding programme, showcasing a calculated approach to fleet expansion. The company has predominantly acquired vessels with an average age of 10–15 years, balancing cost efficiency and operational readiness. Many of these ships were constructed at leading South Korean yards, including STX Dalian, Daehan and Hyundai Heavy Industries.

Notably, many secondhand vessels came equipped with ballast water treatment systems or scrubbers, ensuring compliance with environmental regulations.

ASP’s trajectory highlights its determined and measured approach to fleet growth in specialised shipping sectors, positioning it as a rising force in both regional and global maritime markets.