Wah Kwong orders LR2s at Hengli Heavy
Wah Kwong Maritime Orders Four LR2 Tankers from Hengli Heavy Industry
Hong Kong shipowner Wah Kwong Maritime Transport Holdings has placed an order for four LR2 tankers, each with a deadweight of 113,500 tons, at Hengli Heavy Industry in northeast China. These new vessels are scheduled for delivery between 2027 and 2028, marking a significant addition to Wah Kwong’s fleet. The financial details of the contract have not been disclosed, and this order represents a new type of ship for Wah Kwong.
Hengli Heavy Industry, formerly known as STX Dalian before being acquired by Hengli Group, is ramping up its shipbuilding capacity. The yard, which has mainly focused on kamsarmax bulk carriers since its revival, plans to expand its output to 7.1 million tons annually, more than doubling its current capacity. Hengli’s top management has announced that the yard will now also target the construction of VLCCs, VLGCs, large containerships, FPSOs, and high-value offshore engineering equipment.
Continued downward pressure with a significant decline in VLCC demand growth rates
The transformation of Hengli Heavy Industry is notable, considering STX Dalian’s history as one of the largest shipyards globally when it was established in 2006. However, the yard faced bankruptcy in 2014 due to financial troubles at its South Korean parent company, leading to the loss of over 20,000 jobs.
