Fujian Guohang Ocean Shipping has recently announced its intention to build six new ships worth $372 million (equivalent to RMB2.49 billion). This Chinese company, listed on the Beijing Stock Exchange, plans to add three oil tankers with a capacity of 115,000 deadweight tonnage (dwt) for products and crude oil, as well as three multi-purpose cargo ships with a capacity of 62,000 dwt to its fleet.
Details of the Shipbuilding Plan
According to documents submitted for a new private placement, the construction period for these ships is estimated to be approximately two years. Currently, no port has been selected for the construction of these ships, and the prices of individual contracts, delivery dates, and final specifications of the ships are yet to be determined. Guohang has stated that builders will be selected based on factors such as pricing, delivery times, and payment terms, so this plan is considered a planned investment program rather than six definitive shipbuilding contracts at this stage.
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Funding Sources and Fleet Goals
Guohang intends to raise up to RMB700 million (equivalent to $104.5 million) through a share issuance, of which RMB680 million (equivalent to $101.6 million) is earmarked for ship construction. The remainder of the approximately $372 million program will be sourced from internal resources, bank loans, leasing, or other financing.
LR2 tankers will enable Guohang to participate directly in liquid energy trades, while large cargo ships are designed to carry loads such as wind components, offshore structures, machinery, and large project cargoes. The company currently owns 22 dry cargo ships with a total capacity of about 1.71 million dwt.
This move represents a new phase in the company's fleet restructuring, which has already taken Guohang beyond its traditional Panamax base. The company is also establishing a program for 10 Kamsarmax ships at the Wuhu shipyard, which includes dual-fuel methanol ships, and has added Ultramax and Capesize vessels to its fleet earlier this year.
Last November, Guohang canceled two optional 73,800 dwt cargo ships at Jiangsu Haitong, stating that the design for domestic trade was no longer compatible with its international expansion strategy.
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