China's COSCO Dalian Ocean Shipping Company (DOSCO) has reportedly ordered 30 very large crude carriers newbuildings.
A western tanker broker reported that DOSCO, the tanker arm of COSCO Group, has booked a series of up to 30 VLCCs at three shipyards.
Citing market information, the broker said that five firm VLCCs have been awarded to each of COSCO Dalian Shipyard, Nantong COSCO KHI Ship Engineering (NACKS) and CSSC Guangzhou Longxue Shipbuilding with each yard also providing options for a further five.
The broker said the newbuilding price of the deals is just under $90m per ship.
The Chinese government is likely to subsidise a portion of the cost, it added.