South Korea’s Dae Sun Shipbuilding has scooped a contract for MR tanker newbuildings that could be worth KRW 160bn ($142m) if all options are exercised.

The deal marks the third newbuilding contract for the shipyard this year, providing a welcome leg up as South Korean shipbuilders are struggling to make order targets.

A Dae Sun executive confirmed that his company had received an order for two 50,000-dwt product tanker newbuildings. The deal includes options for another pair.

The executive said the two firm vessels are set for delivery during the second half of 2022.

If the shipowner exercises the two options, he said the ships are slated for delivery in the first half of 2023.

The executive did not disclose the identity of the shipowner, citing contract confidentiality.

Shipbuilding market sources have linked Sea Pioneer Shipping of Greece to the order.

However, a senior manager at Sea Pioneer denied the company had signed the contract.

“There were talks about such an order, but there aren’t any now,” he said.

The contract for the MR tankers follows orders from Eastern Pacific Shipping of Singapore and South Korea's Namsung Shipping.

Eastern Pacific booked two MR tankers for delivery in late 2021, while Namsung ordered two 1,000-teu feeder containerships for delivery in December next year and February 2022.

VesselsValue lists Sea Pioneer with a fleet of 9 vessels made up of four MR tankers and five bulkers.

Based in Busan and established in 1945, Dae Sun has Export-Import Bank of Korea as its main shareholder.

In addition to its main shipyard, the shipbuilder has a second facility called Da Dae Shipyard, which builds hulls and undertakes final outfitting work.

Clarksons’ Shipping Intelligence Network shows Dae Sun has 11 newbuildings in its orderbook, including the latest deal.

For its part, Sea Pioneer has stayed away from tanker newbuildings for the past 14 years.

The last time it ordered tankers was in 2006, when it booked four 51,000-dwt product carriers at China’s Guangzhou Shipyard International for about $44m each.

On the dry side, Sea Pioneer's last investment on bulker newbuildings was in 2015 when it signed up for two kamsarmaxes at Tsuneishi Shipbuilding.

This article has been amended since publication to reflect that VesselsValue lists Sea Pioneer with a fleet of 9 vessels made up of four MR tankers and five bulkers.

Shipyards

Dae Sun Shipbuilding lands $142m order for up to four MR tankers