Waterfront Shipping is teaming up with Marinvest of Sweden and other owners to book an order for four 49,000-dwt product tankers at Hyundai Mipo Dockyard (HMD) in South Korea.

The deal is aimed at renewing and boosting the fleet of Waterfront, the shipping subsidiary of Canadian methanol producer Methanex.

Marinvest will own two of the MR tankers, while another will be owned by NYK Group of Japan.