George Economou looks set to continue his spending spree with the addition of VLCC newbuildings at some of the cheapest prices seen for more than a decade.
The Greek owner is believed to be in talks with Hanjin Heavy Industries & Construction (HHIC)’s Subic Bay shipyard for up to four new VLCCs at around $75m each.
Sources at the Philippines shipyard dismiss suggestions a contract is already in place but market sources say the owner and yard are in advanced stages of negotiations.
