Capital’s 11-VLCC Hengli order locks in late-decade crude tanker supply
February 12, 2026
Capital is reported to have placed an order for 11 VLCC newbuildings at Hengli Heavy Industry in Dalian, one of the largest single VLCC contracting blocks seen this year. The order is being framed as a multi-billion-dollar commitment, with market talk pointing to deliveries largely in the 2028 to 2029 window, at a yard that is rapidly scaling throughput and backlog in large tankers.
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Capital’s 11 VLCC order in one read
Capital is reported to have placed an order for 11 VLCC newbuildings at Hengli Heavy Industry in Dalian, China. Coverage around the order has described it as a multi-billion-dollar commitment, and market talk has centered on deliveries landing largely in the 2028 to 2029 timeframe. The order is another large VLCC block feeding into early-2026 contracting momentum.
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Order block
11 VLCCs at a single yard is a meaningful addition to visible forward supply, and it becomes a reference point in late-decade fleet growth discussions. -
Yard ramp
Hengli has been highlighting VLCC series output, including a widely noted event in January 2026 when the yard launched multiple VLCCs at the same time, supporting its “scale builder” narrative. -
Timing emphasis
With market talk pointing to 2028-plus deliveries for major VLCC contracting at Hengli, the story is primarily about future arrival windows and yard slot allocation rather than immediate tonnage availability.
Bottom Line Impact
This is a supply-side headline: a double-digit VLCC order at a scaling Chinese yard adds another visible late-decade delivery block, keeping yard capacity and delivery windows central to forward crude tanker supply expectations.
This is a supply-side headline: a double-digit VLCC order at a scaling Chinese yard adds another visible late-decade delivery block, keeping yard capacity and delivery windows central to forward crude tanker supply expectations.
Capital places 11 VLCC newbuildings at Hengli (China)
Reported multi-billion-dollar block order at Dalian yard, with market talk centering on 2028 to 2029 deliveries and a yard ramping VLCC series output
| What happened | Delivery window | Hengli capacity signal | Pricing and program context | Immediate market read-through |
|---|---|---|---|---|
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Capital is reported to have ordered 11 VLCC newbuildings at Hengli Heavy Industry in Dalian.
Market coverage has characterized the wager as roughly a $1.4bn-scale commitment for the block.
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Delivery dates have not been uniformly published, but market commentary points to the bulk of the block likely landing in 2028 to 2029.
Separate reporting indicates Capital already had VLCCs contracted at Hengli with deliveries referenced around 1H 2028.
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Hengli has been publicly showcasing rapid VLCC throughput, including a high-profile multi-VLCC launch event in early January 2026.
Capacity expansion has also been reported in Dalian, tied to a multi-billion-yuan investment plan.
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This order adds to a wider VLCC ordering surge seen across owners in early 2026.
Recent VLCC market prints elsewhere have been discussed in a ~$118m to $120m range per ship, used as a reference point in newbuild sentiment.
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A double-digit VLCC order tends to shift attention to late-decade supply visibility and yard slot scarcity, rather than near-term spot availability. |
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The block size is the headline
11 shipsSingle yardSeries build
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If deliveries cluster, the later-year fleet growth step becomes more visible. If spread, it becomes a steadier ramp.
Either way, the signal is forward-looking, not immediate tonnage.
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Hengli’s published and reported pipeline has been described as very large in DWT terms, supported by new facilities and “scale” messaging from the yard and parent entities.
Reported orders have been cited in the high hundreds of vessels in aggregate yard reporting.
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Pricing talk around Hengli-related VLCC slots and resales has stayed firm in market commentary, with “slot value” often discussed alongside headline price.
Lead times are a material part of that equation in 2026.
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The news mainly feeds three dashboards: fleet supply forecasts, shipyard slot tracking, and replacement-cost framing for asset values. |
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Capital and Hengli have an existing track record
The latest order is described as a return and an expansion of prior contracting between the parties.
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The timeline emphasis is consistent with other Hengli VLCC deals cited for 2H 2028 delivery.
Comparable Hengli VLCC orders for other owners have been reported with similar delivery bands.
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A notable yard datapoint: Hengli reported launching four VLCCs simultaneously in January 2026, underscoring output ambitions.
This is part of the yard’s narrative around scaling large-tanker series production.
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Yard expansion coverage has cited a planned capacity lift measured in millions of DWT per year, plus a large standing orderbook in DWT terms.
Those figures have been used by analysts to describe Hengli’s intended scale at a single site.
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For market watchers, the story is less “one owner ordered” and more “series VLCC capacity is being reserved into 2028 plus.” |
Yard scale markers being cited
4 VLCCsimultaneous launch event (Jan 2026)
13.5bn yuanreported Dalian expansion plan
+4.6m DWTreported annual capacity add
Hengli has been highlighting visible VLCC output milestones, while external reporting has described a large investment plan aimed at expanding shipbuilding capacity in Dalian and supporting a large orderbook in DWT terms.
Timing strip: why 2028 to 2029 keeps showing up
Reported delivery emphasis
Orders are being discussed in the context of 2028-plus delivery windows at Hengli.
2026202720282029
Position is illustrative, reflecting market commentary that this block order is largely a late-decade delivery story.
The reported order size matters most where fleet arrivals matter: it adds visible tonnage to late-decade supply forecasts and keeps yard slot tracking in the spotlight.
Delivery Clustering Tracker
Enter counts and click to summarize.
This story in three factual checkpoints
Order block11 VLCCs reported
YardHengli, Dalian
Timingmarket talk: 2028 to 2029
Yard rampVLCC series output highlighted
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