The National Iranian Tanker Company (NITC) is said to have confirmed a twelve-vessel order.
With guarantees from China's Export-Import Bank now in place, the state-owned company will build six VLCCs at Shanghai Waigaoqiao Shipbuilding (SWS) and six more VLCCs at another yard, most likely to be Dalian Shipbuilding Industry.
While no prices have been made available, brokers estimate that the cost of each ship is in the US$100 million range.
Commentary by shipping analysts were that China's aggressive marketing of shipping loans were successful in attracting foreign owners to place newbuild orders.
