Indian owner orders three VLCCs

According to shipbrokers, each of the 318,000 dwt crude oil carriers currently costs $ 85-90 million to construct. The prices of VLCCs have crashed from about $160 million prevailing in August 2008 just before the world slipped into recession.

The new contract will boost Great Eastern’s newbuilding order book to eight ships including five dry bulk carriers ordered earlier. The company currently runs a fleet of 32 tankers and six dry bulk carriers.