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TCC Group in for VLCC brace

Hong Kong’s TCC Group has ordered a pair of VLCCs at South Korea’s Hyundai Heavy Industries (HHI) for delivery in 2019.

TCC chairman Kenneth Koo explained the rationale for the tanker order, telling Splash today: “This is part of our long term tanker fleet strategy which will result in the net increase of our VLCC fleet to two vessels.”

TCC has one 10-year-old VLCC now for which the pair of HHI newbuildings will serve as a replacements.

“Period timecharter arrangements are being discussed with various oil majors whom we have enjoyed a robust relationship with for many years,” Koo said.

The tanker order will give TCC a fleet of six brand new tankers – two VLCCs and four aframaxes – as well its dry bulk fleet of three newbuild newcastlemaxes, three dunkirkmaxes (two built in 2011 and one to be delivered in 2020) and two panamaxes (delivered in 2014/15) giving the 100-year-old line a fleet of 14 vessels by the time the newbuild VLCCs arrive.

“We’re still very conservative but that’s how we survived for 100 years,” Koo quipped.

HHI’s strong VLCC start to the year has continued with Enesel of Greece just exercising an option for another 300,000 dwt tanker, stemming from an order originally placed in February.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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