Nanjing Shipping Company (Nanjing Tanker), controlled by China Merchants Group, has decided to invest 191.72 million yuan (equivalent to $28.7 million) in the construction of ten oil barges with a deadweight tonnage (dwt) of 4,000 tons. These barges are designed to update the fleet servicing refineries located along the Yangtze River.
Investment Details and Barge Construction
The mentioned investment has been approved through Nanjing's wholly-owned subsidiary, Nanjing Yangtze River Oil Transport Logistics. According to published information, Hunan Jinhang Shipbuilding has been selected to construct these barges. The new barges will be equipped with oil pumps for automatic loading operations, responding to the needs of petrochemical customers and refineries along this waterway.
Read more: Expansion of Global Car Carriers' shipbuilding program with two new oil tankers
Timeline and Necessary Approvals
The construction of these barges will continue gradually over the years 2024-2027. This project, which has received full approval from the company's board of directors, also requires shareholder approval before the execution stages can begin. Nanjing Tanker is currently active in domestic coastal oil transportation markets, rivers, and international markets, with a fleet consisting of over 70 vessels, including oil and product tankers.
These barges are part of a separate investment from the LR2 tanker development program at Dalian Shipbuilding Industry Corporation. This program includes four LR2 vessels capable of carrying methanol, which has been reported previously.
Read more: Aker BP and DNO make final decision to develop the Lyra oil field in the North Sea · Boluda Shipping Group signs agreement to purchase Samskip
