JO Tankers places largest ever order

The deal, which consists of “firm” and “optional” contracts, is JO Tankers’ largest ever order.

JO Tankers says the new builds will be constructed to the highest specification with a combination of modern design and modern engines to reduce fuel consumption by 25% compared to other tanker designs.

New Times Shipbuilding has already constructed and delivered two LR1 tankers for the company.

Jo Tankers will also take delivery of two more 33,000 tonne tankers currently under construction at Mingde Heavy Industries, China – the JO Lotus will be delivered next month and the other, in the first half of 2014.

Milestone Chemical Tankers, the jointly owned chartering and marketing arm of JO Tankers and Tokyo Marine, will manage the new builds.

The tankers are scheduled for delivery in 2016 and 2017.