Norwegian shipping company Bruton announced that its subsidiaries have entered into four shipbuilding contracts with Yantai CIMC Raffles Offshore of China to construct a series of very large crude carriers (VLCC).
Each of the company's four subsidiaries will receive one 319,000 DWT vessel, with deliveries scheduled to take place between January and July of 2028.
According to Bruton, the vessels are designed according to the MARIC 319k DWT specifications and will be equipped with open loop scrubbers.
The purchase price for each individual vessel is $124.75 million, bringing the total investment for the four units to $499 million. Payment terms involve a 10 per cent instalment upon the execution of the contract and 20 per cent at the steel cutting stage.
Subsequent payments of 10 per cent each are due at keel laying and the launch of the vessel, Bruton confirmed. The final 50 per cent of the purchase price is payable upon delivery of each ship.
