Mercuria Energy Trading ordered two 300,000 deadweight-ton (DWT) very large crude carriers (VLCCs) from Shanghai Waigaoqiao Shipbuilding (SWS), a China State Shipbuilding Corporation company. Industry reporting put the order at about $240 million in total, with delivery originally expected in 2027 and 2028. A later report dated October 2026 gives the latest reported schedule as the first quarter of 2028 for both ships. The available reports confirm a shipbuilding contract, but they do not establish that physical construction has started.
What has been ordered
Mercuria Energy Trading is the reported customer for two 300,000 DWT VLCCs to be built by Shanghai Waigaoqiao Shipbuilding. iMarine reported the contract on April 23, 2024, describing an arrangement involving long-term chartering and ownership. The ships were described as conventionally fueled.
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DWT is a vessel’s deadweight capacity measure, covering the total weight it can safely carry, including cargo, fuel, stores and other loads. It should not be treated as a precise crude-oil cargo figure without additional information about the ships’ design, loading limits and operating conditions.
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The April 2024 report estimated the combined order value at approximately $240 million, or about $120 million per vessel. Those figures are reported commercial estimates rather than audited contract terms. No contract document confirming the final price has been published in the material available for this order.
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What is known about the design
Beyond the 300,000 DWT capacity and conventional-fuel description, the cited reporting does not provide engine type, dimensions, cargo-tank arrangement, emissions equipment, speed, classification or other technical specifications.
When are the VLCCs due?
The schedule has changed in public reporting, and the dates should be kept tied to the publication that reported them.
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| Report | Delivery timing stated | What it establishes |
|---|---|---|
| iMarine, April 23, 2024 | 2027 and 2028 | The original expected timing reported when the contract was announced. |
| iMarine, October 1, 2026 | First quarter of 2028 for both ships | The latest reported schedule; the report does not explain the change from the earlier timing. |
The October 2026 schedule is the most recent reported expectation, not confirmation that either vessel has been delivered. The available reports also do not identify the ships by name or hull number.
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Not on the evidence available here. The headline phrase “kicks off construction” is not supported by a reported keel-laying, steel-cutting, block-assembly or other physical construction milestone for the Mercuria pair. The sources establish that SWS and Mercuria entered a construction contract; they do not give a construction-start date.
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That distinction matters in shipbuilding. A signed order can precede design approval, material procurement and yard production by months or longer. Without a yard announcement or another document naming these two vessels and identifying a production milestone, it is not possible to say that construction has begun.
Do not confuse the order with SWS hull H1469
SWS published a 2026 announcement about hull H1469, one of three projects commencing on August 26. That post identifies H1469 as a 300,000 DWT VLCC for CSSC Shipbroking and calls it the yard’s first VLCC in nine years. It concerns a different customer and vessel. H1469 therefore cannot be used to prove that either Mercuria ship entered construction.
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What earlier SWS tanker work shows—and does not show
A 2015 SEC filing contains a 2014 contract between SWS and Navig8 Crude Tankers for one 300,000 DWT tanker, hull H1384. It demonstrates that SWS has previously contracted for a tanker of this size, but it is not a specification, hull reference or contract document for Mercuria’s two-ship order. It should not be used to infer the new vessels’ design or identity.
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- A physical construction-start date for either Mercuria vessel.
- Vessel names, hull numbers and keel-laying or steel-cutting records.
- Final contract value and payment terms.
- Detailed propulsion, environmental and cargo-system specifications.
- Completed delivery of either ship.
On the current record, the defensible description is a reported order for two conventionally fueled, 300,000 DWT VLCCs placed by Mercuria Energy Trading with Shanghai Waigaoqiao Shipbuilding. The latest publicly reported delivery target is the first quarter of 2028 for both vessels, while the start of physical construction remains unverified.
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