(Yicai Global) March 23 -- Qingdao Beihai Shipbuilding Heavy Industry Co. has delivered the first very large ore carrier built in China's eastern city of Qingdao to its owners.

The 400,000-ton carrier, named Ore Tianjin, is the world's largest of its kind, local newspaper Qingdao Daily reported. The vessel uses 20 percent less fuel than first-generation VLOCs, slashes transport costs for iron ore by 30 percent and can be loaded much quicker than its predecessors. It can travel between any two ports in the world without needing to refuel.

The ship is the first delivered to a consortium comprising China Merchants Energy Shipping Co. and ICBC Financial Leasing Co., and the second of thirty 400,000-ton super ships contracted to domestic shipyards by Chinese companies since 2016. The first was built by Shanghai Waigaoqiao Shpibuilding Co. and went into service in January.