Hong Kong-based owner Teying Shipping has moved from a recent profitable asset play in the VLCC market to a major fleet expansion programme, signing contracts for up to eight LR2 product and crude tankers at Chinese shipyards.
The company has contracted four firm 115,000 dwt vessels, with options for another four units, in a programme that could be worth as much as $544m if all options are exercised.
The orders are split between two shipbuilders in Lianyungang, China. Teying has booked two firm vessels plus two options at Lianyungang Wuzhou Shipbuilding Heavy Industry and another two firm ships plus two options at Lianyungang Helitong Shipbuilding Heavy Industry.
Deliveries are scheduled to begin from the second quarter of 2028, with market sources placing the contract price at about $68m per vessel, although neither Teying nor the shipyards have disclosed financial details.
The newbuilding programme marks a significant shift for the company, which until recently operated a much smaller fleet profile centred on opportunistic tanker investments. Teying made the news earlier this year through the sale of its sole active vessel, the 297,200 dwt VLCC Asian Lion, built in 2009. The tanker was reportedly acquired for around $49m in 2025 and sold less than a year later to Greek buyers for around $60m.
