China Merchants-controlled Nanjing Tanker Corporation (NJTC) has proposed a newbuilding programme covering four 115,000-dwt LR2 tankers and ten 4,000-dwt crude oil barges, with a combined investment ceiling of approximately RMB2.152 billion (US$324 million). The proposals extend the Shanghai-listed owner’s investment across larger seagoing tankers and Yangtze River transportation, linking fleet renewal with the recent acquisition of an inland oil logistics business.

Both projects were approved by NJTC’s board on 27 October and disclosed the following day. They remain subject to shareholder approval, with a vote scheduled for the company’s extraordinary general meeting on 12 November.

Four additional LR2s could take the Dalian programme to six

The larger investment proposal concerns four 115,000-dwt LR2 tankers at Dalian Shipbuilding (DSIC). NJTC’s wholly owned Singapore subsidiary would invest up to RMB1.96 billion (approximately US$295 million) in the vessels, which are scheduled for delivery between June and December 2029. All four would fly the Hong Kong flag.

The vessels will meet IMO Tier III emissions requirements and Phase 3 of the Energy Efficiency Design Index, incorporating methanol-ready designs that preserve an option for future fuel conversion. This specification provides technical preparation for a potential retrofit; the commercial decision to convert would still depend on fuel availability, the conversion package and operating economics.

The proposed package follows an earlier contract signed with DSIC on 10 September 2025 for two 115,000-dwt product/crude oil tankers. That contract was valued at RMB1.0816 billion (approximately US$163 million), with deliveries scheduled for August and October 2028.

If the additional four vessels receive approval and proceed to contract, NJTC’s LR2 programme at DSIC would reach six ships with an aggregate capacity of 690,000 dwt, spanning deliveries in 2028 and 2029.

For an owner with a substantial operating base in MR and other smaller liquid bulk vessels, the LR2 programme would broaden the range of cargo parcels and voyages it can serve. Larger ships provide additional deployment options, while requiring sufficient cargo aggregation, suitable terminals and effective coordination between contracts and vessel schedules.

Ten oil barges target refinery unloading requirements

The second proposal addresses a different part of the transportation chain. NJTC’s wholly owned river-logistics subsidiary would invest up to RMB191.72 million (approximately US$28.8 million), including tax, in ten 4,000-dwt crude oil barges at Hunan Jinhang Shipbuilding. Deliveries are planned in batches during 2027.

All ten barges will be equipped with cargo oil pumps. NJTC explicitly linked the investment to renewal of its Yangtze crude transportation capacity and to self-unloading requirements from petrochemical and refinery customers along the river.

That equipment choice gives the project a specific operational purpose. In inland liquid bulk transportation, vessel capacity must work with terminal arrangements, unloading procedures and customer schedules. The proposed barges are intended to improve the compatibility of the transportation service with refinery requirements, alongside replacing or upgrading existing capacity.

The two packages therefore serve distinct functions. The LR2s would provide larger seaborne carrying capacity, while the barges would support onward distribution and cargo handling for customers along the Yangtze.

US$103 million acquisition brings the river platform under direct ownership

The barge proposal coincides with NJTC’s acquisition of its Yangtze oil logistics platform.

In an announcement dated 31 October, NJTC confirmed that it had completed the acquisition of 100% of Nanjing Changjiang Oil Transportation Logistics for RMB683.7 million (approximately US$103 million). The share transfer agreement was signed on 12 October, and registration of the ownership transfer was completed on 30 October.

The business became a wholly owned subsidiary and entered NJTC’s consolidated financial reporting perimeter. The previous entrusted-management arrangement, established in July 2025, terminated at the same time.

The acquired company is also the proposed investor in the ten-barge programme, creating a direct connection between ownership consolidation and fleet renewal. NJTC is bringing the inland transportation platform under direct ownership while preparing investment in vessels designed around its customers’ operating requirements.

Xinde Marine News previously examined this acquisition as part of NJTC’s effort to connect river, coastal and ocean transportation. For cargo owners, the practical value of such integration lies in coordination: aligning seagoing arrivals with inland vessel availability, terminal access and refinery delivery schedules. The acquisition establishes the ownership structure; subsequent commercial and operational integration will determine the benefits delivered to customers.

MR, Panamax and specialist carriers form a broader renewal programme

The latest proposals follow several rounds of investment across NJTC’s established businesses.

In September 2024, the company signed contracts with Guangzhou Shipyard International for four 50,000-dwt MR product and chemical tankers. On 29 July 2026, the same yard, together with China Shipbuilding Trading, signed another four-vessel MR package with NJTC. The two rounds therefore cover eight MR projects. The 2026 package carries an approved investment ceiling of US$182.8 million, with deliveries expected during 2028–2029.

NJTC has also contracted six 65,000-dwt Panamax-class oil tankers in two separate packages: four at Guangzhou Shipyard International in November 2024 and two at DSIC in October 2025. Their disclosed delivery schedules are concentrated in 2027–2028.

Specialist liquid bulk investments include an 18,000-dwt chemical tanker, a 9,500-cbm ethylene carrier and three 6,600-dwt stainless steel chemical tankers contracted in March 2026. These projects address different cargo characteristics and customer requirements, extending the renewal programme beyond the company’s core product tanker business.

Taken together, the investments create a wider range of vessel sizes and capabilities. MRs retain their role in product and oil/chemical trades; Panamax tankers and LR2s provide larger carrying capacity; specialist chemical and gas vessels serve specific cargo markets. The latest barge proposal extends that investment further into inland transportation.

These are separate project histories with different delivery schedules. They should be assessed by their intended employment and commercial role, rather than treated as a single measure of net fleet expansion.

Newbuilding investment continues alongside MR disposal

At the same board meeting, NJTC authorised management to dispose of the MR product tanker CSC AUSPICIOUS when appropriate. The company’s fleet records identify this as the vessel referred to in the Chinese announcement as “长航吉祥”. The resolution did not disclose a completed transaction, sale price or expected disposal gain.

The parallel approach—committing capital to new vessels while adjusting existing tonnage—places fleet age, fuel efficiency and suitability for employment within the same investment programme. With deliveries extending into 2029, NJTC will need to coordinate older-vessel exits with newbuilding instalments, delivery dates and future cargo commitments.

Under the disclosed schedules, the proposed barges would begin joining the river operation in 2027, the previously contracted LR2s would follow in 2028, and the latest four-ship LR2 proposal would extend deliveries into 2029. The commercial task across that period is to align the different vessel types with customers and transportation links, turning a broader asset base into efficient voyages, reliable refinery deliveries and sustainable returns.

US dollar equivalents are indicative and use a uniform rate of approximately RMB6.65 per US$1, rounded from the cross-rate implied by European Central Bank reference rates dated 30 October 2026.