Ordering activity for new Very Large Crude Carriers has ground to a halt this year although newbuilding prices are very 'competitive'.
Industry sources say South Korean yards are offering a price tag of $105m for a new VLCC while Chinese offer less than $100m.
However, historic level of new VLCC deliveries along with long-running slump in the VLCC shipping market has prevented shipowners from putting pen to paper for building new VLCCs worldwide.
From the beginning of the year only three VLCC orders came to surface.
China's Jinhai Heavy Industry won an order for two VLCCs from Dubai-based Gulf Navigation while Shanghai Waigaoqiao Shipbuilding inked one with Greece's Thenamaris.
Rates for VLCC are hovering around $17,000 per day which is way below breakeven level of over $30,000.
Massive newbuilding deliveries are scheduled with 79 set for hand over in 2011, 59 in 2012, 40 in 2013 and 10 in 2014, according to Frontline data.