Maran Tankers Management (MTM) and Maran Gas Maritime, oil tanker and gas shipping units of the Angelicoussis Shipping Group Limited (ASGL), have placed an order for four new vessels with South Korean shipyard Daewoo Shipbuilding and Marine Engineering (DSME).

Based on the terms of the contract signed on June 8, the order comprises of two 173,400cbm LNG carriers and two 318,000dwt VLCCs.

According to DSME, the contract, which includes options for up to four more units, is worth some KRW5.8bn (USD501m) and represents the biggest contract signed by the yard in 2016.

Should the options for two more LNG carriers and 2 VLCCs be exercised the order value would be brought up to KRW11bn (more than USD1bn).

The 173,400cbm LNG ships feature a length of 295m, a width of 46m and boast DSME's ME-GI engine. The 318,000dwt VLCCs span a length of 336m, width of 60m and integrate the latest high-efficiency engines and fuel-saving technologies, according to the shipbuilder.

The delivery of the LNG carriers is slated for 2019, while VLCCs are scheduled to be delivered in the first half of 2018.

Angelicoussis Shipping has 21 ships under construction at DSME's yards.