Asiatic Lloyd, a shipping company based in Singapore, has finalized a deal for three new LR2 product tankers. These vessels, each with a capacity of 115,000 deadweight tons (dwt), will be constructed at HD Hyundai's shipyard in the Philippines. The reported cost for each tanker is around $73 million.
This order represents Asiatic Lloyd's strategic re-engagement with the larger product tanker sector. The newbuilds are scheduled for delivery in phases, with the first vessels expected in 2028 and the remainder in 2029.
For freight forwarders and supply chain analysts, this development indicates a future increase in capacity within the LR2 product tanker segment. While the delivery dates are several years away, the addition of these vessels could eventually influence freight rates and vessel availability for refined petroleum products, potentially easing capacity constraints in the long term.
