Wah Kwong Maritime Transport Holdings is branching out into the LR2 product tanker arena.

The Hing Chao-led shipping company is said to have inked a provisional tanker newbuilding contract with Hengli Heavy Industry in China in a deal worth around $280m.

Shipowners debate: Will LR2 tankers stay in the product sector lane or flip back into crude?
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The LR2 deal will be Wah Kwong’s first tanker newbuilding contract in almost a decade.