Jinhui Shipping and Transportation has increased its construction program in this sector to 14 tankers by ordering two more Ultra Max tankers from Jiangmen Nanyang Ship Engineering.
Details of the New Order
The company, listed in Oslo and Hong Kong, will pay $35.7 million for each of these two tankers with a capacity of 64,500 tons, bringing the total cost to $71.4 million. The delivery time for the first tanker is set for the end of August 2029, and the second tanker is scheduled for one month later.
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Financing Sources and Future Plans
Jinhui plans to finance about 65% of the costs of this order through bank loans and will cover the remainder from its internal resources. These tankers have been ordered through its subsidiaries Jinmao Marine and Jinquan Marine. This new contract adds to the company's fleet modernization campaign, which has been accelerated until 2026.
In June, Jinhui ordered two other tankers with a capacity of 64,100 tons at New Dayang Shipbuilding for $68 million, which included two other tankers from the same yard earlier this year, as well as two more from Jiangmen Nanyang. These transactions had already brought the company's recent orders to 10 tankers in these two yards.
Jinhui has also ordered two Ultra Max tankers with a capacity of 63,500 tons at Jiangsu Hantong Ship Heavy Industry for $34 million for 2024, with their delivery expected in December this year and November 2027.
With the addition of these two new tankers, the company now has 14 Ultra Max tankers under construction, which are being planned at Hantong, Jiangmen Nanyang, and New Dayang. This development coincides with the rapid phasing out of the old super max fleet. Jinhui agreed in 2025 to sell about 10 old tankers to reduce the average age of its fleet and focus on larger and more efficient designs.
The company currently owns 19 tankers, including 16 owned tankers and 3 chartered units.
