Hong Kong-based EGPN Bulk has placed an order for two 115,000-dwt LR2 product tankers at Dalian Shipbuilding Industry Co (DSIC), continuing its steady expansion into the tanker space. The deal, valued around USD 140m in total, marks the bulker owner’s most significant move yet into long-range tonnage, according to TradeWinds reporting.
The vessels will be built at DSIC-controlled Shanhaiguan Shipyard, with deliveries scheduled for late 2027 and first half 2028. Market sources suggest pricing near USD 70m per hull, fitting the current LR2 newbuilding trend driven by strong product tanker earnings and fleet renewal.
EGPN, which traditionally focused more on dry bulk with a fleet of 15 vessels, has been steadily building a second pillar in liquid shipping. It currently operates two small clean product tankers and has eight 18,500-dwt chemical tankers under construction at Wuhu Shipyard, due from late 2025 through 2026.
The first chemical unit, Western Acacia, has already launched, with sister ship Western Bergenia to follow early next year. The series meets IMO EEXI Phase 3 and Tier II NOx requirements, aligning with tighter emissions rules.
The LR2 order follows a pattern of targeted moves into the tanker market. EGPN briefly owned a VLCC (the Eastern Juniper) in 2021, selling it after six months for a reported USD 5.5m profit. More recently, it flipped a 174,500-dwt bulker for an estimated USD 8m gain, reflecting its opportunistic asset-rotation approach.
With long-range product tonnage now added to its chemical newbuildings, EGPN is positioning itself as a multi-segment owner amid elevated tanker demand and tightening environmental rules in refined product and chemical trades.
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