en.Wedoany.com Reported - Malaysia International Shipping Corporation's (MISC) tanker subsidiary, AET, has returned to the VLCC newbuilding market after a five-year hiatus and will order LNG dual-fuel VLCCs from Hengli Heavy Industry.

According to TradeWinds, AET recently signed a series of LNG dual-fuel VLCC orders with Hengli Heavy Industry. The exact number of ships is not yet confirmed, with market sources indicating between 4 and 6 vessels. The price of the newbuildings has not been disclosed. Shipbrokers estimate the cost per vessel to be approximately $138 million (about 942 million RMB).

Shipbrokers stated that the cost of building a conventional fuel VLCC at Hengli Heavy Industry is around $119 million, with an additional cost of about $19 million for upgrading to an LNG dual-fuel vessel.

For reference, Clarksons data shows that the current price for a newbuild 315,000-320,000 DWT LNG dual-fuel VLCC is about $150 million (approximately 1.025 billion RMB), roughly on par with the $145.5 million price from the same period last year.

This order is part of AET's fleet renewal and rebuilding plan. As a long-term strategy, AET sold four conventional fuel VLCCs between last summer and February this year to rejuvenate its fleet and maintain a portfolio of high-efficiency vessels. After these sales, AET's current operational VLCC fleet totals nine ships, five of which are LNG dual-fuel vessels.

If this order is confirmed, it will be AET's first VLCC order since 2021. It is understood that the company's last VLCC order was in 2021 when it placed an order for three LNG dual-fuel VLCCs at South Korea's Daewoo Shipbuilding & Marine Engineering (now Hanwha Ocean). These three vessels are under long-term charter contracts with Shell.

It is understood that AET is the tanker company under Malaysia's MISC Group, operating a fleet of over 70 vessels, including LNG and ammonia dual-fuel ships. The company currently has six newbuildings on order, including one ethanol-fuel-ready shuttle tanker and three ammonia dual-fuel LR2 tankers being built by Dalian Shipbuilding Industry Co., Ltd., as well as two LNG dual-fuel Suezmax tankers being built by South Korea's Samsung Heavy Industries.

AET's order also marks Hengli Heavy Industry's first LNG dual-fuel VLCC order. According to Clarksons data, excluding the latest orders, Hengli Heavy Industry's current VLCC orderbook totals 80 ships, far exceeding the second-ranked Hanwha Ocean (35 ships), making it the single shipyard with the largest VLCC orderbook globally.

In the first quarter of this year, Hengli Heavy Industry started strong with a cumulative total of 108 new ship orders signed. These include 76 tankers (54 VLCCs, 18 Suezmax tankers, 4 LR2 product tankers), 12 container ships, 16 bulk carriers, and 4 low-temperature vessels.

It is understood that Hengli Heavy Industry's predecessor, STX Dalian, was once the largest foreign-invested shipyard in China, possessing the largest single shipyard in northern China. In 2022, responding to national calls, Hengli Group established Hengli Heavy Industry Group, investing 2.11 billion RMB to acquire the assets of the former STX Dalian, which had been idle for ten years, aiming to build a world-class high-end shipbuilding base. In January 2023, the first phase of Hengli Heavy Industry's "Ocean Factory" achieved full operation in just 150 days. In January 2025, the second phase project—"Future Factory"—achieved production within five months. In September 2025, the Hengli Heavy Industry Cooperative Innovation and Offshore Technology Industrial Park commenced construction on Changxing Island in Dalian.

Upon full production capacity of all Hengli Heavy Industry projects, it will achieve an annual output of over 150 ultra-large vessels and 180 marine engines, including G95 main engines and below. It will also achieve full coverage of LNG, LPG, methanol, and ammonia dual-fuel capabilities, becoming the world's largest single-site shipbuilding base with the most comprehensive supporting facilities.

Clarksons data shows that Hengli Heavy Industry's current orderbook totals 276 ships, 50.6 million DWT, and 10.24 million CGT. Ranked by CGT, it holds the top position among single shipyards globally. The orderbook comprises 123 tankers, 93 bulk carriers, 56 container ships, and 4 LPG carriers, with deliveries scheduled through 2030.

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