Minsheng Financial Leasing has expanded its Shell-backed tanker programme at Guangzhou Shipyard International to 11 ships， adding five newbuildings as construction starts on the original six-vessel series.

The latest contracts， signed by Minsheng， GSI and China Shipbuilding Trading， marked the CCS-controlled yard’s work kickoff on the first ship in the initial batch.

The 49，900 dwt chemical and product carriers will be based on GSI’s 16th-generation MR design， featuring an optimized hull and propulsion package aimed at reducing fuel consumption and emissions.

All 11 vessels will be chartered to Shell Tankers under arrangements already agreed with Minsheng. The Chinese lessor will own and finance the ships， giving Shell long-term control of the capacity without taking the assets directly onto the energy major’s balance sheet.

No contract value or delivery schedule has been disclosed. Chinese shipbuilding sources earlier linked Shell with MR slots at GSI for delivery between 2029 and 2030， with prices estimated at between $45.5m and $46m per ship. On that basis， the latest five vessels would be worth about $228m to $230m.

The order adds to a heavy run of MR contracting at GSI. Splash reported earlier this year that Evangelos Pistiolis-led Central Group booked 10 product tankers at the yard in a deal approaching $500m. Pleiades Shipping and Nanjing Tanker have also added ships at GSI during 2026.

Minsheng and Shell are already working together on four 175，000 cu m LNG carrier newbuildings at Jiangnan Shipyard. Those ships are scheduled for delivery in 2028 and 2029， with Shell Singapore taking the vessels on long-term charter， Shandong Marine Energy handling commercial management and Shell International Shipping overseeing technical operations.