India’s Great Eastern Shipping Company has announced that it has signed contracts to buy a 2012-built LR2 product tanker.

Great Eastern said the South Korean vessel is expected to be delivered before the end of the year.

Seasure Shipbroking has identified the vessel as NYK Line’s Hyundai-built Champion Princess, with the deal priced at $26.5m.

Great Eastern currently has a fleet of 46 vessels, made up of 28 tankers, five LPG carriers and 13 bulkers.