Cido Shipping is investing in tanker newbuildings while slashing its orders for pure car and truck carriers (PCTCs), a traditional mainstay of its business.
The South Korean tonnage provider has made the move amid continued pessimism over the car carrier sector and as low prices make tankers an attractive investment in the newbuilding market.
In total, Cido has ordered 10 tanker newbuildings, including two VLCCs and eight medium-range (MR) products carriers, according to industry players
But it has cut orders for six post-panamax 7,500-car equivalent unit (ceu) PCTC newbuildings, placed two years ago at a reported price of $71.5m
