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Yangzijiang axes USD 180 million tanker deal over allegations of buyer evading US sanctions

Contracts to build four MR tankers were terminated after the shipbuilder was informed that the buyer’s sole shareholder was involved in a scheme to circumvent US sanctions laws and regulations.

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Yangzijiang axes USD 180 million tanker deal over allegations of buyer evading US sanctions

Singapore-listed Yangzijiang Shipbuilding (Holdings) Ltd on Saturday (27 September) said its three subsidiaries had terminated shipbuilding contracts, valued at USD 180 million, for four MR tankers by an undisclosed buyer. 

The Chinese shipbuilder said its subsidiaries Jiangsu Yangzijiang Shipbuilding Group, Jiangsu New Yangzi Shipbuilding and Jiangsu Yangzi Xinfu Shipbuilding terminated the contracts for an aggregate of four 50,000 DWT MR oil tankers.

The vessels were originally scheduled for delivery from 2026 to 2027.

Yangzijiang Shipbuilding said the subsidiaries have terminated the contracts following certain critical information just disclosed by the buyer, which had not been previously known to the subsidiaries, despite earlier extensive due diligence on the buyer and its shareholder.

“This critical information contains allegations that the buyer’s sole shareholder was involved in a scheme to circumvent US sanctions laws and regulations,” Ren Letian, Executive Chairman and Chief Executive Officer, said in a regulatory filing. 

“In light of these developments and based on legal advice that they have received, the subsidiaries have determined that the buyer is in anticipatory repudiatory breach of the contracts. 

“Alternatively, the contracts have been frustrated as a result of the supervening illegality associated with the buyer’s payment obligations. Accordingly, the contracts have been terminated, and the subsidiaries have reserved all of their legal rights against the buyer.”

Yangzijiang Shipbuilding noted that construction had commenced for just one vessel, for which an additional 10% instalment of about USD 4.48 million was collected.

The group added the termination of the contracts is not expected to have a material impact on the net tangible assets and earnings per share of the Company and the Group for the current financial year ending 31 December 2025.

 

Photo credit: Yangzijiang Shipbuilding
Published: 30 September, 2025

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LNG Bunkering

PIL’s LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on LNG and low-sulphur fuel oil that helps reduce our greenhouse gas emissions.

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PIL's LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

Singapore-based Pacific International Lines Pte Ltd on Monday (20 July) said its first 13,000 TEU LNG dual-fuel container vessel, Kota Elok, recently made her maiden call to Singapore on 15 July.

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on liquefied natural gas (LNG) and low-sulphur fuel oil that helps reduce our greenhouse gas emissions. 

The vessel also incorporated energy-saving features and digital technologies to reduce fuel consumption and enhance operational performance, as well as a bow windshield to improve aerodynamics, contributing to improved fuel efficiency and lower emissions over the course of long-haul voyages.

“Following Singapore, Kota Elok will continue her voyage on our East Coast Service 1 (ES1) route to South America, calling at ports in Brazil, Uruguay, and Argentina before returning to Asia,” the company said in a social media post. 

Kota Elok also became PIL’s first vessel to receive Lloyd’s Register certification for compliance with the IACS UR E26 and UR E27 cyber security requirements.

Developed by the International Association of Classification Societies (IACS), UR E26 and UR E27 are mandatory cyber resilience requirements for newbuild vessels contracted from 1 July 2024. 

 

Photo credit: Pacific International Lines
Published: 21 July, 2026

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LNG Bunkering

CIMC SOE secures order for 12,000-cbm LNG bunkering vessel from Sinopec Clean Energy

Once operational, the vessel is expected to strengthen Sinopec’s domestic coastal LNG bunkering network and help address gaps in China’s alternative fuel bunkering infrastructure.

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CIMC SOE secures order for 12,000-cbm LNG bunkering vessel from Sinopec Clean Energy

China’s Nantong CIMC Sinopacific Offshore & Engineering Co., Ltd. (CIMC SOE) recently signed a contract with Sinopec (Beijing) Clean Energy Co., Ltd. to build a 12,000-cubic metre (m3) LNG bunkering vessel, according to Chinese maritime media.

The vessel is scheduled for delivery in 2028 and will support Sinopec’s efforts to expand its presence in the marine clean energy sector.

Once operational, the vessel is expected to strengthen Sinopec’s domestic coastal LNG bunkering network and help address gaps in China’s LNG bunkering infrastructure.

With this signing , CIMC Pacific Offshore Engineering’s LNG bunkering vessel orderbook is further strengthened, maintaining its leading position in the global market for small and medium-sized LNG bunkering vessels.

The contract also marked another milestone for CIMC SOE, which has seen a sharp increase in orders and business performance this year amid a surge in domestic LNG vessel demand.

 

Photo credit: Nantong CIMC Sinopacific Offshore & Engineering
Published: 21 July, 2026

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Nuclear

ABS awards AiP to Korean institute for SMR-powered container ship concept design

KRISO says AiP recognises the technical feasibility and safety of its concept design, marking an important milestone toward the development of next-generation nuclear-powered commercial ships.

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ABS awards AiP to Korean institute for SMR-powered container ship concept design

Korea Research Institute of Ships & Ocean Engineering (KRISO) on Thursday (16 July) received Approval in Principle (AiP) from the American Bureau of Shipping (ABS) for its concept design of a 15,000 TEU Small Modular Reactor (SMR)-powered container ship utilising Molten Salt Reactor (MSR) technology.

KRISO said the AiP recognises the technical feasibility and safety of its concept design, marking an important milestone toward the development of next-generation nuclear-powered commercial ships.

“This achievement demonstrates international recognition of KRISO’s technological capabilities in the rapidly evolving field of nuclear-powered shipping, supporting the transition toward low-carbon maritime transport,” it said. 

Building on this milestone, KRISO will continue advancing basic and detailed ship design, paving the way for future demonstration and commercialisation of SMR-powered vessels. 

Through continued R&D and international collaboration, KRISO remains committed to strengthening next-generation maritime technologies and contributing to the safe deployment of nuclear propulsion in the maritime industry.

 

Photo credit: Korea Research Institute of Ships & Ocean Engineering
Published: 21 July, 2026

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