VLCC newbuilding prices are falling fast nearing to a record low but shipowners are avoiding newbuilding orders as recovery seems way too far away.
Norwegian shipowner John Fredriksen said it's too early to order VLCC newbuildings.
Fredriksen confirmed he had talked to shipyards about prices and designs for new VLCCs but insisted it is too early to place orders.
There has been market speculation about Fredriksen ordering four 320,000-dwt very large crude carriers at Hyundai Samho Heavy Industries in Korea, for his new company Frontline 2012.
Brokers reported that Fredriksen had secured a knockdown price of $87.5m for each, although the owner is not planning to ink the contract for a while.