Negotiations for around 20 VLCC newbuildings are underway as Japanese oil companies seek to renew their ageing fleets, according to local sources.

The likes of the JXTG Group’s shipping arm JX Ocean, Idemitsu Tanker and Cosmo Oil Group have been running behind on fleet renewal plans as they have prioritised recent consolidation moves among the country’s oil majors.

JX Ocean has four VLCCs built between 2002 and 2004 that will require replacement over the coming years.