Greek dry bulker player Times Navigation has moved one step closer towards an ambitious plan to enter the tanker market, having struck an initial agreement for several medium-range (MR) newbuildings in China.
The Athens-based company has signed a letter of intent (LOI) to order up to seven tankers at China Shipping Industry (Jiangsu) (CIC Jiangsu). Times Navigation president John Karageorgis tells TradeWinds that the potential deal involves four firm vessels, plus three options.
