Capital Group, led by Greek shipowner Evangelos Marinakis, has signed contracts for 11 very large crude carrier (VLCC) newbuildings at Hengli Heavy Industries in China.
The order forms part of a broader package disclosed by Guangdong Songfa Ceramics, the parent company of the Dalian-based yard, covering 15 VLCCs of 306,000 dwt. The total contract value for the 15-vessel batch is reported at between $1.7bn and $2bn.
Marinakis-linked entities are taking 11 of the ships, while the remaining four VLCCs are attributed to an undisclosed European owner. Based on prevailing market pricing, the Capital portion of the deal is estimated at around $1.4bn.
The vessels are understood to be contracted through single-ship companies under the Capital Ship Management umbrella.
The latest contracts mark a return to Hengli for Capital, where the group already has VLCCs under construction. Riviera previously reported that at the end of 2025 Capital signed contracts at Hengli for two VLCCs and four Capesize bulk carriers, with deliveries scheduled through 2028. The yard has also reportedly been entrusted with an additional VLCC and two Aframax/LR2 tankers for the group.
Hengli Heavy Industries has secured significant ordering momentum. In addition to the 15 VLCCs disclosed on February 11, the yard reportedly signed contracts for nine Suezmax tankers from another Greek owner, Dynacom Tankers. Chinese media indicate Hengli has won orders for at least 45 firm vessels so far this year, the majority being VLCCs.
The VLCC segment has emerged as one of the most active sectors in the current newbuilding cycle, supported by firm charter rates and an ageing global fleet. Additional VLCC orders are reportedly under discussion at Chinese yards, as owners position themselves for long-term crude trade demand.
