China’s New Times Shipbuilding is said to have bagged a newbuilding order for around $320m in total from Norwegian chemical tanker operator Jo Tankers.

Jo Tankers conducted the largest newbuilding investment in its history, placing eight 33,000 dwt stainless steel chemical tankers at New Times, reported by TradeWinds.

To be constructed in an eco-friendly design saving fuels by around 25%, the newbuildings are slated for delivery in 2016-2017.

Industry players say that the 33,000 dwt tankers cost around $40m apiece, totaling $320m. The shipowner is planning to secure the newbuilding costs via a bank loan and options are not said to be included in this contract.