A Kuwait Oil Tanker Co (KOTC) VLCC newbuilding order at a Chinese shipyard has set a new low for recent prices in the sector.
The Middle East owner was reported to be paying state-owned Bohai Shipbuilding Heavy Industry $79.7m for the 318,000-dwt crude oil carrier, which is to be delivered towards the end of 2020.
VLCC newbuildings were last ordered in China in May when Cosco Shipping Energy Transportation (CSET) booked six large tankers at Dalian Shipbuilding Industry Co and Dalian Cosco KHI Ship Engineering for $80m each.
