Singapore-based Adhart Shipping, a subsidiary of state-run machinery manufacturer Sumec Group, has been identified as the owner behind a debut product tanker order for Chinese bulker builder New Dayang.
Newbuilding sources indicate Adhart booked two firm and two optional 50,000 deadweight ton (dwt) medium-range (MR) product tankers, valued at approximately $43.5 million each, for delivery in 2027 and 2028, marking Sumec Group’s entry into tanker shipbuilding.
The order, announced by Sumec Group in January 2025, expands New Dayang’s portfolio beyond bulk carriers, targeting the growing MR product tanker market, which saw a 4.8% demand increase to 2.3 million dwt in 2024.
Adhart Shipping, the commercial arm of the Executive Group, currently operates a fleet of 10 ships, including eight bulk carriers and two South Korean-built MR tankers acquired from International Seaways in 2022, with no prior newbuilding orders since its 2007 establishment.
The newbuilds, designed with eco-friendly features like energy-efficient hulls and low-emission engines, align with the International Maritime Organization’s (IMO) 2050 net-zero target, potentially reducing emissions by 5-10% per vessel.
New Dayang, the shipbuilding arm of Sumec Group, maintains a robust orderbook of 67 ships, with production extending to the fourth quarter of 2027, including 25 ultramax bulk carriers and other vessel types.
The $174 million total value (two firm at $43.5 million each, with estimates for options based on industry benchmarks) reflects current market rates for MR tankers, quoted at $42–$45 million each.
Adhart Shipping is a Singapore-based shipping company, part of the Executive Group, headquartered in Singapore, operating a fleet of 10 vessels, including eight bulkers and two MR tankers, with a focus on expanding into product tankers.
Sumec Group is a Chinese state-owned machinery manufacturer, part of China National Machinery Industry Corporation (Sinomach), headquartered in Nanjing, with a 2024 revenue of $2.5 billion, including shipbuilding through its subsidiary New Dayang.