Dalian: Tianjin Marine has announced that the board of the company has approved a proposal to use about $400m of raised funds to order four VLCCs, part of a plan announced by the company in 2013 to order ten VLCCs and four LNG carriers.
The company gained approval to issue 3.448bn new shares last month to fund the vessels.
Tianjin Marine will choose a shipyard to build the vessels through a public bidding process. [02/12/14]
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