A low key Korean line is making a strong foray into VLCCs. Hong Kong-based Oriental Shipping & Investment has ordered two 300,000 dwt tankers at Hyundai Heavy Industries for delivery in 2017. No price has been revealed.
Earlier this year Oriental Shipping & Investment bought the Olympic Hawk, a 15-year-old VLCC, now renamed N. Topaz. The ship went to Korean managers Syncro Shipping. Oriental Shipping & Investment also has another older VLCC on a ten-year charter from Korea Ship Finance, which is also managed by Syncro.
Little is known about Oriental Shipping & Investment. Founded in 2003, it has always operated out of Hong Kong. Hwan Kim is listed as the line’s sole director. The line declined to comment on the tanker acquisitions when contacted by Splash today.