Guangzhou Shipyard International Company Ltd will construct a total of eight 119,900 DWT diesel and LNG dual fueled crude/product oil tankers after a cloud signing ceremony was held in the provincial capital of South China's Guangdong on Wednesday.

The signing ceremony that took place in Beijing, Shanghai and Guangzhou at the same time it was signed among Guangzhou Shipyard International, Shanghai Waigaoqiao Shipbuilding Co Ltd and Bank of Communications Financial Leasing Co Ltd.

According to the cloud signing ceremony, Guangzhou Shipyard International and Shanghai Waigaoqiao Shipbuilding Co Ltd will build a total of 12 tankers with an investment of more than 4.6 billion yuan ($657 million) for Bank of Communications Financial Leasing Co Ltd.

Of them, Guangzhou Shipyard International will be responsible for construction of eight tankers with an investment of 3 billion yuan, while Shanghai Waigaoqiao Shipbuilding Co Ltd builds another four tankers.

According to a statement released by Guangzhou Shipyard International, the first tanker will be completed and delivered for use in the first half of 2022.

The tanker will reach a dead-weight capacity of 120,000 tons and reach a speed of 14.5 knots, about 27 kilometers an hour.

Meanwhile Bank of Communications Financial Leasing Co Ltd has signed contracts with international energy giant Shell to lease its tankers in a long term.

Guangzhou Shipyard International, a major domestic shipbuilder, has successfully built and delivered a total of 22 LR II tankers to well-known shipping companies all over the world since 2015, the statement said.

The Shanghai Stock listed company still has six contracts for construction of such tankers, the statement added.