MJL Bangladesh strikes $75m deal for largest-ever oil tanker

MJL Bangladesh has entered into a contract with South Korea's DH Shipbuilding to acquire a third-generation oil tanker for $75 million, equivalent to approximately Tk800 crore.

The deal was officially signed on 20 July, with plans to launch the vessel into the water during the first quarter of 2026, according to Azam J Chowdhury, managing director of MJL Bangladesh.

The new oil tanker will be LNG-ready and boast an impressive capacity of 115,000 deadweight tonnes (DWT), making it the largest ship to carry the Bangladesh flag.

According to the Bangladesh Ocean Going Ship Owners Association, there are over 60 ocean-going ships with Bangladeshi flags, but none of them have a capacity of 115,000 DWT.

Presently, MJL Bangladesh owns one LR2 tanker built in 2005 and three LPG carriers.

Prior to this purchase, MJL's fleet included a vessel with a capacity of 107,000 DWT for transporting oil, but none of the existing ships were brand new.

The decision to invest in a new vessel was influenced by the rising prices, as well as the increased maintenance and operation costs associated with secondhand vessels, said Azam J Chowdhury.

He added that a new tanker is more economically advantageous in the long run as it generates higher revenues over its full 24-year operational life compared to a used vessel, which might only yield lower revenue for half of that time.