Maran Tankers Management (MTM), a shipping company privately owned by John Angelicoussis, placed an order today for four new Very Large Crude Carriers (VLCCs) from Daewoo Shipbuilding and Marine Engineering.
The ships are all 319,000 ton deadweight and come at an aggregate cost of $400 million. Final deliveries are planned for September 2016.
According to research from Poten & Partners, 20 new VLCCs are scheduled to be delivered from shipyards between now and the end of the year, adding to the roughly 10 which have so far been delivered.
With few ships scheduled to be delivered over the next year, Angelicoussis is hoping that increased crude demand coupled with an incremental phase out of older tonnage will help to tighten the VLCC market which has been hit be unsustainably low rates over the past few years.