China's state-owned Shandong Shipping Corp is set to double the size of its MR fleet by splashing $385m on 10 newbuildings.
A Shandong Shipping executive confirmed that the company had signed a letter of intent (LOI) with privately-owned New Times Shipbuilding, adding that it was upbeat about the sector.
“Shandong is ordering the 10 MR tankers and there are no charter contracts lined up for the ships,” the executive said.
