Yangzijiang is preparing to become VLCC owner

Yangzijiang Shipbuilding, a private shipyard giant, is preparing to become a VLCC owner.

Yangzijiang is negotiating with Jinhai Intelligent Manufacturing, another shipyard in China, to buy a VLCC that has not yet been completed.

The VLCC was originally ordered by GC Tankers of HNA Group. Yangzijiang intends to buy the semi completed "ship" from Jinhai, a shipbuilding expert said, this in line with the company's move to enter the suezmax tanker industry three years ago.

Yangzijiang had previously taken over a 157,000 dwt suezmax tanker under construction by Jiangsu Rongsheng Heavy Industries for about US $10 million. The ship was originally ordered by John Fredriksen's tanker company Frontline in 2012, but Rongsheng stopped building the vessel after financial problems at the shipyard.

At the beginning of this year, Yangzijiang completed the construction of the suezmax tanker with less than US $40 million. It is also reported that Germany's Hammonia Reederei bought the ship for "more than $50 million" and named it Aura M.

A source familiar with Yangzijiang Shipbuilding also confirmed that Yangzijiang is eager to acquire the unfinished VLCC built by Jinhai Intelligent Manufacturing.

Source: Sarah Yu, XINDE MARINE NEWS

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