A Taiwan's joint venture shipping company between CPC, U-Ming Marine Transport and Chinese Maritime Transport is to order two VLCC newbuildings early next year.
The venture, Global Energy Maritime, originally planned to build or purchase six very large crude carriers and one 80,000DWT product tanker by 2016.
But GEM chairman Yao Kuntai said the company now aims to order two VLCCs in the first quarter of 2013.
The company is in the final negotiations with shipyards in China and Korea.
“We have been looking to buy since last year but have been hesitant as newbuilding prices continue to fall,” Mr Yao added.