China’s Dalian Shipbuilding Industry Co (DSIC) is said to have secured a series of long-range-one (LR1) tanker newbuildings worth an estimated $320m from a European fund.

Shipbuilding players say the fund has booked six to eight 72,000-dwt products tankers for delivery next year and 2018.

“We heard DSIC was in contact with a UK fund on some LR1 newbuildings last year but no deal took place,” said one source.