Sungdong becomes latest yard to build VLCCs

Emerging South Korean yard Sungdong Shipbuilding & Marine Engineering is moving into the VLCC sector.

According to local South Korean newspapers, Sungdong on March 28 concluded a contract with a European operator to build four 320,000-dwt VLCCs for delivery by 2011. The vessels were reportedly priced at $150 million apiece. With STX Shipbuilding also bagging its first VLCC order in March 2008, VLCC berths are swelling. Tanker prices are consistently rising at the moment. STX’s reported price for its debut VLCCs were $148.5m a piece. Sungdong, located in Tongyeong, has churned out 18 bulkers and product carriers since it upgraded from block factory to newbuilds in 2004.

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