Global commodity trading giant Mercuria Energy Group has once again moved to expand its fleet by placing new shipbuilding orders with two Chinese shipyards. According to reports, Mercuria recently placed orders for 2+2 Newcastlemax bulk carriers of 211,000 deadweight tons and two LR2 product tankers of 115,000 deadweight tons. The bulk carrier order was secured by Nantong Xiangyu Shipbuilding, while the tanker order was awarded to Dalian Shipbuilding Industry Co., Ltd. (DSIC). All new vessels will be powered by conventional fuels.
The 2+2 bulk carriers ordered by Xiangyu Shipbuilding are priced at approximately $77.5 million per vessel. If the optional orders are confirmed, the total contract value will reach about $310 million (equivalent to RMB 2.165 billion). The two confirmed vessels are scheduled for delivery in 2028. For reference, Clarksons data shows that the current newbuilding price for a 210,000–212,000 deadweight ton Newcastlemax bulk carrier is $78 million (equivalent to RMB 544 million), slightly lower than the $79 million recorded in the same period last year.
Meanwhile, the tanker order awarded to DSIC is priced at approximately $72 million per vessel, bringing the total value for the two ships to about $144 million (equivalent to RMB 1.005 billion). These vessels will be constructed by DSIC's subsidiary, Shanhaiguan Shipbuilding Industry, with deliveries expected in 2028 and 2029. Clarksons data indicates that the current newbuilding price for a 113,000–115,000 deadweight ton LR2 product tanker is approximately $75 million (equivalent to RMB 523 million), down about 4% from the $78 million recorded in the same period last year.
Industry insiders note that Mercuria's bulk carrier order is part of the company's fleet renewal and expansion plan, marking its first acquisition of Newcastlemax bulk carriers for its owned fleet. Mercuria first entered the dry bulk shipping segment in early 2023 and currently owns two Capesize bulk carriers with an average age of about 15 years: the 175,000 DWT "Antelao" (built in 2012 by Rongsheng Heavy Industries) and the 170,000 DWT "Lavaredo" (built in 2010 by DH Shipbuilding, formerly Daewoo Shipbuilding & Marine Engineering).
Additionally, the newly ordered tankers also represent Mercuria's first LR2 product tankers, signifying another important step in the diversification of its business. According to Clarksons data, the company's current fleet includes one 150,000 DWT FSO "Cronus" (built in 2008 by Japan's Universal Shipbuilding, now Japan Shipbuilding United), one 6,500 DWT product tanker, and 27 bunkering vessels.
Mercuria, one of the world's largest energy and commodity trading companies, was founded in 2004 by former Goldman Sachs commodity traders Marco Dunand and Daniel Jaeggi. In recent years, Mercuria has been highly active in the newbuilding market, placing orders with multiple Chinese shipyards. According to Clarksons data, aside from the latest orders with Xiangyu Shipbuilding and DSIC, Mercuria currently has five additional vessels under construction: one VLCC at Waigaoqiao Shipbuilding, two LR1 product tankers at Yangzijiang Shipbuilding, and two 41,000 DWT chemical tankers at Jinling Shipyard of China Merchants Industry.
Mercuria's order further strengthens Xiangyu Shipbuilding's international competitiveness in the large bulk carrier construction segment. Last year, Xiangyu Shipbuilding secured its first order for two 210,000 DWT Newcastlemax bulk carriers from Japan's Doun Kisen, marking its entry into the large bulk carrier market. Historically, Xiangyu Shipbuilding has primarily focused on constructing eco-friendly and energy-efficient small and medium-sized bulk carriers, tankers, small/medium stainless steel/special-coated chemical tankers, and other engineering vessels under 100,000 deadweight tons. Prior to the Doun Kisen order, the largest vessels built by Xiangyu Shipbuilding were 82,000 DWT Kamsarmax bulk carriers.
For Shanhaiguan Shipbuilding, the LR2 tanker ordered by Mercuria is one of its core vessel types. According to Clarksons data, DSIC's Shanhaiguan Shipbuilding currently holds 29 LR2 product tanker orders, ranking first globally ahead of Hengli Heavy Industries (24 orders) and Zhoushan Changhong International (18 orders).
Including the latest orders, Clarksons data shows that Nantong Xiangyu Shipbuilding currently holds a total orderbook of 82 vessels, amounting to 4.8771 million deadweight tons. This includes 50 bulk carriers, 25 chemical tankers, and 7 cement carriers, with delivery schedules extending through 2029. DSIC's Shanhaiguan Shipbuilding holds a total orderbook of 46 vessels, amounting to 4.8745 million deadweight tons, comprising 35 tankers, 7 container ships, and 4 bulk carriers, with delivery schedules also extending through 2029.
