Japan's Kyoei Tanker has awarded Japan Marine United (JMU) a contract for the construction of a new very large crude carrier (VLCC).
The 310,000DWT vessel will be built by JMU subsidiary Ariake Shipyard. Its delivery is scheduled for 2029.
Following approval by Kyoiei Tanker’s board of directors and the signing of a final agreement by the partners by the end of 2025, this new vessel will be acquired through a joint ownership structure. The vessel will be held either directly by Kyoiei Tanker or through a consolidated subsidiary in which it holds a 70 per cent stake.
Kyoiei Tanker declined to disclose the contract price citing confidentiality, but stated that the cost aligns with current market levels.
Funding will be secured through a combination of internal resources and bank financing. According to Clarksons data, the current market price for VLCCs is US$128 million per vessel.
Kyoei Tanker last placed an order for a new VLCC in 2019, when it selected Namura Shipbuilding for its construction.