Shares of Titan Wind Energy (Suzhou) rose as much as 2.4% today before pulling back along with the market after the manufacturer of wind power and offshore oil and gas equipment announced it had secured its first crude oil tanker construction contract. The deal is valued at up to 1.8 billion yuan (approximately $258.6 million).
The company’s stock closed slightly lower, down 0.1%, at 6.06 yuan ($0.90), while the Shenzhen Component Index, which tracks the Shenzhen stock market, ended the day down 1.4%.
The wholly owned offshore engineering division of the company will build two Aframax crude oil tankers, each with a deadweight of 113,800 tons, for an undisclosed international shipowner. The deal also includes an option to construct an additional two vessels. The ships are scheduled for delivery in multiple stages between 2028 and 2029, following the completion of design, construction, and seaworthiness testing, the company revealed yesterday, citing the recent signing with the shipowner’s subsidiary.
The agreement commits to the construction of two tanks and gives the buyer the choice to order two more within 30 days of signing. This marks the company’s first venture into building crude oil tankers. The firm noted that this order reflects increasing recognition of its shipbuilding capabilities among global customers. It follows previous contracts to build floating production storage and offloading units (FPSOs), which produce, store, and offload crude oil, as well as floating storage and offloading vessels used solely for storage and offloading. Both types are fixed offshore installations.
This new order broadens the company’s footprint into another key segment of the offshore vessel market and reinforces its dual focus on offshore wind infrastructure and oil and gas vessels.
Most of Titan Wind’s revenue derives from onshore wind power equipment. According to its 2025 financial report, the company earned 5.4 billion yuan ($743.3 million) last year. Onshore wind equipment accounted for 45.5% of total revenue, while offshore wind and offshore engineering products contributed 25.5%. The remaining income primarily came from wind farm operations.