Cosco (Zhoushan) Shipyard has won an order for up to eight aframax tankers – including four options – from Greece's Aegean Shipping Management.

The 113,000 dwt ships will start delivering in 2018.

George Melissanidis, chairman of Aegean Shipping, commented, "In this time of such global uncertainty and a dormant newbuilding market, we are renewing our commitment to international shipping.”

No price was given for the vessels, although brokers assume US$50m per unit is in the right ballpark.