Splash understands George Economou has managed to negotiate a sensationally low price of just $76m per unit for a series of four VLCCs he has contracted Hanjin Heavy Industries & Construction’s Philippines yard (HHIC-Phil) to build.
While a number of outlets had quoted the price at $75m the actual deal is still incredibly cheap – the lowest price at the moment for a VLCC in South Korea, for instance, is $80m. Moreover, at 320,000 dwt the tankers Economou has ordered via his TMS Tankers vehicle are larger than what owners would get for $80m in South Korea.
All four ships are slated for 2019 delivery and cements HHIC-Phil’s reputation as a major player on the world shipbuilding stage.
HHIC-Phil was created by Hanjin Heavy in Subic Bay just over a decade ago as the location of its main yard in Busan was too cramped to build the ever larger types of ships that owners were demanding. HHIC-Phil is the largest shipyard in the Philippines and in terms of area size is also in the top 10 worldwide. Its orderbook now stands at 27, including seven VLCCs.