Chinese shipbuilding giant Hengli is marking one of the most remarkable growth stories in the history of the industry. According to a new analysis by ship brokerage firm SSY, Hengli is expected to deliver at least 160 ships by 2028.

The company, which purchased the former STX Dalian facility in Dalian in 2022, has built an order portfolio consisting of 395 firm orders and 12.2 million compensated gross tons (CGT) in just four years. Thus, Hengli has risen to become one of the largest private shipyards in the world. Satellite images and aerial photographs show that the shipyard has cranes of an unprecedented size.

According to SSY, the company's first commercial ship deliveries are set to take place in 2024. The main production increase is expected to begin in the second half of 2026. Deliveries are projected to rise from 17 ships last year to approximately 80 ships this year, 120 ships in 2027, and at least 160 ships in 2028.

Another noteworthy aspect, as significant as the size of the order book, is the rapid trust that shipowners have placed in this newly established shipyard. Hengli's customer list includes leading Greek shipowners, publicly traded shipping companies, major container line operators, and state-owned enterprises from China.

Behind this trust lies the strength of the industrial group to which Hengli belongs. According to SSY, Hengli is part of China's third-largest private industrial group. It is noted that the group constitutes about one-third of Dalian's gross domestic product, thus receiving strong support from the local government.

Another reason for the company's rapid rise is the global congestion in new shipbuilding capacity. The leading shipyards in China, South Korea, and Japan are largely filled for the next decade, allowing Hengli to offer delivery dates that are hard to find elsewhere for shipowners.

Hartland Shipping noted that there are no signs of a slowdown in shipbuilding expansion in China, stating, 'Almost every week a new shipyard opens in China or idle capacity comes back online. Moreover, they are building not only small ships but also very large crude carriers (VLCCs), Newcastlemax bulk carriers, and mainline container ships.'

In the last two years, Hengli transformed the failed STX Dalian facility into a giant shipbuilding center. Earlier this year, construction began on three giant portal cranes for the super dry dock. Two of these cranes are set to break records with a span of 256 meters and a lifting capacity of 2,000 tons.

The company also announced an expansion program worth 13.5 billion yuan (approximately 1.9 billion dollars). Once this investment is completed, Hengli could have the largest shipyard area in the world.

According to VesselsValue data, Hengli is now the largest shipyard in China in terms of the number of orders. The company received a new order on average every three days throughout 2025, and this pace continued into 2026.

Approximately half of the orders consist of tankers. However, the profile of the ships to be delivered is becoming increasingly complex. Initially focusing on Kamsarmax bulk carriers, the company is now aiming to build Capesize bulk carriers, VLCCs, Suezmax tankers, LR2 tankers, and large container ships exceeding 20,000 TEU.

Earlier this year, Hengli made history by launching four VLCCs with a capacity of 306,000 DWT simultaneously, marking a world first. This achievement is seen as a symbol of how quickly the reborn company has undergone a significant transformation since 2022.

Source: SeaNews Türkiye