John Fredriksen continues to advance the renewal of his tanker fleet. The latest developments show that his private investment and ship management platform, Seatankers Management, has once again chosen Hengli Shipbuilding (Dalian), placing an additional order for two 306,000 dwt VLCCs (Very Large Crude Carriers), with deliveries scheduled for the second half of 2028.
The Transaction
On Jan. 14, A-share listed company *ST Songfa (603268.SH) said in a filing that its subsidiary, Hengli Shipbuilding (Dalian), has signed shipbuilding contracts for two 306,000 dwt VLCCs with single-ship companies under Seatankers Management. The contracts have taken effect, with the two vessels to be delivered successively in the second half of 2028. The filing said the total contract value is approximately USD 200 million to USD 300 million; detailed pricing terms are exempted from disclosure due to commercial confidentiality. The contracts are settled in U.S. dollars and stipulate that disputes will be resolved through London arbitration under the London Maritime Arbitrators Association (LMAA).
The filing said the counterparties are single-ship companies under Seatankers Management, registered in the Marshall Islands. It added that the counterparties were established in 1986, and that the business spans tanker transportation, offshore engineering, and LNG transportation. The filing also noted that the performance cycle of shipbuilding contracts is relatively long and may be affected by factors such as shipping and shipbuilding market conditions, customer demand, raw material prices, and exchange rates.
Market Estimates and Technical Specifications
Based on the disclosed range, overseas media have generally inferred a unit price of around USD 100–150 million per vessel, and have described the order as one of Hengli’s earlier “visible” newbuilding contracts in 2026. It is emphasized that where details such as contract value and delivery schedule overlap, the filing shall prevail; media disclosures and market calculations serve only as industry references.
Additionally, technical parameters for Hengli’s self-developed VLCC design, as cited by media sources, include an overall length of about 332.8 meters, a beam of 60 meters, and a depth of 30 meters, with a service speed of approximately 14.5 knots. The design highlights meeting the latest energy-efficiency and emission requirements. These technical parameters come from media sources; readers are advised to treat the shipyard’s official technical specifications and subsequent delivery documents as the final basis.
Strategic Role
Seatankers is one of the most representative listed tanker platforms within John Fredriksen’s business empire. Beyond this additional order, fleet renewal arrangements previously disclosed by Frontline also involve multiple Hengli-built VLCC newbuilds, further increasing Hengli’s role in Fredriksen’s tanker renewal pipeline. For Hengli, repeat orders from top-tier shipowners represent a “secondary validation” of its VLCC products and delivery capabilities within the international mainstream shipowner community. Since last year, owners including Idan Ofer (Eastern Pacific Shipping), Evangelos Marinakis (Capital Group), and George Economou (TMS) have all placed orders at Hengli.
2025 Order Performance
In terms of order intake, 2025 marked a “harvest season” for Hengli Heavy Industry. The shipyard secured approximately 115 newbuild orders in 2025—with Clarksons Research recording 114 units—representing a total contract value exceeding USD 14 billion. Hengli’s orders show a structural feature where multiple vessel types advance in parallel, with tankers standing out strongly alongside container ships and bulk carriers. Differences of around one order under different counting methods are usually due to statistical cut-off points and categorization methods.
Overall, Fredriksen’s additional order, combined with the high-intensity order intake in 2025, is further positioning Hengli among the core ranks of the world’s busiest VLCC-building yards. As the concentrated delivery window in 2027–2028 approaches, the market’s next focus will be on Hengli’s ability to deliver on capacity ramp-up, delivery cadence, and quality control.
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