Shanghai-listed Tianjin Tianhai Investment, formerly Tianjin Marine, has announced that the company is going to invite tenders for the construction of four VLCCs plus four options.
The board of the company approved the plan to build four VLCCs in 2014 with a budget of $400m.
The company has commissioned China National Technical Import & Export Corporation for the tender work.
Tianhai Investment reported a net profit of RMB95.3m ($14.9m) for the first half of 2015, greatly improved from RMB6.8m ($1.06m) in the same period of 2014.
