Dubai-listed Gulf Navigation is looking to order a couple of VLCC newbuildings in China.
It is making efforts to set up a new VLCC joint-venture in Saudi Arabia, it tells investors, and “significant steps” have been taken to establish the Saudi venture, which was first revealed in April this year amid suggestions of an IPO.
Talks with equity partners are underway in a project which sees the shipowner working alongside King & Spalding.
Gulf Nav, which recently denied penning a couple of VLCCs at Jinhai Heavy Industries, says it is also discussing the option of adding a couple of VLs to its orderbook in China.
It has options on a pair of VLs at the yard attached to a deal for two firm 320,000-dwt tankers signed in April.