Daewoo clinches VLCC trio

Daewoo Shipbuilding clinched three 318,000DWT VLCCs from National Iranian Tanker Co at the price of $128 million each with delivery scheduled by October 2009. This is the highest VLCC price achieved for several years. At the end of 2002, the newbuilding price for a VLCC was $63.5 million and $110 million as at the end of last year.