Nantong Tongbao Shipbuilding has signed shipbuilding agreements with joint buyers, Shanghai Dingheng Shipping and Xiamen Xiangyu Group, for the construction of eight chemical tankers sized from 2,000dwt to 15,000dwt.
The total value of the contracts are around RMB1bn ($161m) with delivery scheduled from 2017.
Nantong Tongbao Shipbuilding was established in 2005 and focuses on offshore vessels. This order is the first chemical tanker order for the shipyard.
Zhu Jianhua, president of Tongbao Shipbuilding, said the order is a great opportunity for the shipyard to diverse its portfolio, as the shipbuilding market for offshore vessels is facing overcapacity amid the depression in the offshore market.
Li Duozhu, president of Shanghai Dingheng Shipping, a leading chemical tanker operator in China, reckons that the chemical tanker market has started a revival and now is a good time to make an investment.