The company said it had agreed to issue new shares to “unaffiliated third parties”, including Ceres, in return for the ownership of four MRs currently under construction.

Delivery is set for the first and second quarters of 2014.

The company said they are similar in specification to its own newbuildings being built at the same shipyard, SPP Shipbuilding.

The vessels appear to be the first four in a series of eight 50,000-dwt MRs ordered by Peter Livanos-led Ceres last year, all for completion in 2014.

The