Korean yard signs four tanker orders

South Korean builder 21st Century Shipbuilding has signed a letter of intent with an unnamed Asian oil exploration and development company to build four 20,000 dwt chemical tankers. The shipbuilder said that the shipowner had previously ordered and received eight 13,000 dwt tankers.

Stainless steel vessels are regarded as high value-added ships for medium-sized shipbuilders. The shipowner has also inked a strategic alliance agreement with shipyard and committed itself to place further newbuilding orders at the yard shipbuilder in the future.

21st Century said the first of the tanker quartet will be delivered in the first half of 2011 and firm orders for the newbuildings will be inked before October.