Zhonggu Shipping Group, a Shanghai-based shipping company, has recently signed a contract for the construction of two 14,000 TEU tankers with Hudong-Zhonghua Shipbuilding. This move reflects the group's expanding investments in the shipping industry and a shift towards a larger fleet.
Contract Details
The new contract, which includes two conventional fuel tankers, was signed without disclosing their value or delivery dates. This agreement adds to the expanding order book of Hudong-Zhonghua and demonstrates Zhonggu Shipping Group's willingness to increase its fleet capacity.
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Fleet Development and Future Investments
Zhonggu Shipping Group is also the controlling shareholder of Zhonggu Logistics, which is listed on the Shanghai Stock Exchange and holds 57.46% of its shares. The company is continuously expanding its fleet construction plan for 2026. In June, it confirmed its plan to increase the capacity of eight ordered tankers from 6,000 TEU to 6,300 TEU. These changes are due to a redesign of these tankers and require an investment of 6.86 billion yuan (approximately 1 billion dollars).
Additionally, the company has allocated 3 billion yuan from a financing program through the issuance of convertible bonds to fund these tankers. Previous contracts of the company have been divided among Hengli Heavy Industries, China Merchants Jinling Shipyard, and Wuhan Qingshan Shipyard.
The new contract with Hudong-Zhonghua represents a further increase in the size of tankers in Zhonggu Shipping Group's development program. With these developments, the company aims to strengthen its position in the shipping market and meet the growing demands of the industry.
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