South Korean shipping firm Korea Line has officially placed an order at compatriot yard Hyundai Heavy Industries for the construction of two VLCC newbuildings.
The total price for the contract is KRW185.6bn ($173m).
The contract is part of a COA contract Korea Line signed with domestic oil refining firm GS Caltex this month to provide oil transportion services between Korea and the Middle Ease from end of 2019 to early 2026.
Korea Line currently operates a fleet of 31 vessels comprising of 21 bulkers, 3 tankers, six LNG carriers and one car carrier.