Spanish state-owned shipyard Navantia embarked on constructing the first of four Suezmax tankers for compatriot ship manager Ibaizábal Group.

The 156,000ton ships will be built at Navantia's yards in the Bay of Cadiz, while some parts are scheduled for construction at the company's Ria de Ferrol site.

Featuring a length of 274 meters and a width of 48 meters, the first tanker, which will be chartered to the Spanish oil company Cepsa, is expected to join its owner late next year.

The deal for the four vessels was signed in July 2015 and includes an option for two more.