Greek shipowners are hurrying to South Korea to take advantage of incredibly low prices for VLCC newbuildings.
Enesel is leading the charge, placing a firm order for two 300,000 dwt VLCCs at Hyundai Heavy Industries (HHI) for delivery in the second half of next year. Enesel has tapped HHI to build five VLCCs in the past, while another HHI yard, Hyundai Samho has also built a VLCC pair for the Athens-based owner.
Splash understands a host of other Greek owners are readying VLCC orders in the coming weeks.
Brokers Intermodal note in their most recent weekly report that VLCC newbuilding prices have dropped 13% since February last year.
Clarkson Research suggests owners can now snap up a VLCC in South Korea for as little as $79m.