Vitol has inked its debut VLCC newbuilding deal with a four-tanker contract at Hyundai Heavy Industries, market sources say.
The transaction makes Vitol the first trader to target new VLCCs at a time when there are over 100 of the tankers on order to conventional shipowners and rates are at historically low levels.
Vitol is said to be paying $92m to $93m for each of the 300,000-dwt tankers, which are smaller than the typical 320,000-dwt VLCCs favoured in the market today.
