Guangzhou Shipyard International (GSI) based has just finalized a newbuilding contract for one 48,000-dwt product tanker with Huahai Oil Transportation & Marketing Co., Ltd on July 29.

It is said that this is the option vessel of the order which GSI secured for eight 48K PCs from China Shipping Development last year. Huahai plans to ensure the newbuidling efficiency by entrusting the new 48K PC building to the original shipbuilding supervision team of China Shipping Development.

Officials from GSI disclosed that newbuilding contract payment would be in Chinese Yuan, which could effectively avoid the losses suffering from yuan appreciation in the current overall sluggish environmen