Business representatives shake hands at a cloud contract signing ceremony for 12 oil carriers held in Pudong, Shanghai on April 29. [Photo/WeChat account: pdnews]

Shanghai Waigaoqiao Shipbuilding Co, China Shipbuilding Trade Co, Guangzhou Shipyard International Company and Bank of Communications Financial Leasing Co held a cloud contract signing ceremony for 12 oil carriers in Shanghai, Beijing, and Guangzhou, capital of Guangdong province, on April 29.

The vessels will be equipped with double fuel systems and have a capacity of 120,000 tons of oil, costing about 4.6 billion yuan ($649.06 million) to build.

According to the contract, Shanghai Waigaoqiao Shipbuilding Co will undertake the construction of four vessels, while Guangzhou Shipyard International Company will build eight. 

The vessels are expected be completed in 2023 and delivered to Bank of Communications Financial Leasing Co, which signed a long-term leasing contract with international energy giant Shell on April 20.

The ships will meet tier III requirements laid out by the International Maritime Organization and will be fast, light, and energy efficient.

The ships which will be built by Shanghai Waigaoqiao Shipbuilding Co are new-generation environmentally friendly ships independently developed by the company. Fueled by liquefied natural gas, they will meet the latest international emission standards without the installation of exhaust treatment devices.

According to a spokesperson for the company, Waigaoqiao Shipbuilding currently occupies more than 9 percent of the oil vessel market share globally.

Since it resumed operations on Feb 10, the company has received six new orders, started construction on seven ships, finished trial voyages for six ships and delivered eight vessels and platforms.