John Fredriksen’s bargain VLCC order in China shows a perfect storm is brewing for shipbuilders and is potentially bad news for tanker asset values, observers believe.
TradeWinds reported in last week’s print edition that the tycoon had penned a pair of VLCCs at Jinhai Heavy Industry, with options for two more, at less than $78m each.
Brokers note that given Fredriksen’s history with the yard, which includes cancellations and legal disputes, there may be more to the price than initially appears in black and white.
“A
