New Aframax contracts below US$70 million


South Korea's Hanjin Heavy Industries has recently received a contract from Belgium's CMB Group for four Aframax tankers. The price per ship was below US$70 million. Delivery will be November 2010.

This is not the first time CMB has gone to Hanjin. In July last year, Hanjin sealed a deal for two Capesize vessels, priced at US$98.4 million each.

During the peak time last year, the average price of an Aframax booked for delivery in 2011 was about US$80 million, and it is believed that the low price that CMB bagged was a reflection of current shipping conditions and the low won against the dollar, as well as the decline in steel prices from Japan.

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Baird Maritime / Work Boat World