New Shipping to Order VLCC Quartet in China

zoomIllustration; Image Courtesy: Tanker Investments Greek shipowner New Shipping Ltd is looking to expand its very large crude carrier (VLCC) fleet as the company signed a Letter of Intent (LOI) for the construction of two 320,000 dwt tankers, VesselsValue data shows. The shipowner is reportedly paying a price of USD 70 million for each ship. Besides the two VLCC, the company has options to order two more vessels of the same kind, all of which would be built by Chinas shipbuilder Jinhai Heavy Industry. The 48,256 mt vessels are expected to join New Shippings fleet in 2019, according to VesselsValue. Each of the VLCCs has a market value of USD 62.9 million. The newbuildings would complement New Shippings fleet of 33 vessels, 19 of which are tankers. The company currently operates nine VLCCs, four Suezmaxes and six Aframaxes, while the remainder of its fleet is consisted of bulk carriers. World Maritime News Staff