South Korea's yard Hyundai Heavy Industries is in talks to build a dozen very large crude carriers (VLCCs). The total value could hit US$1bn, reported Yonhap News Agency citing industry sources.

Namely, the company is reportedly negotiating the orders with two undisclosed shipping firms based in Hong Kong and Singapore, respectively.

During 2016, the shipbuilder returned to black as it reported a net profit of KRW682.3bn for the full year, compared to a loss of KRW1.36tln seen in 2015.