Low-profile Japanese shipowner Nissen Kaiun, which has already spent $370m on eight MR tanker newbuildings in the past two months, is said to have ordered eight more.

Shipbuilding players following the sector said Nissen Kaiun had returned to Hyundai Mipo Dockyard (HMD) in South Korea for the 50,000-dwt product carriers.

Officials declined to comment on HMD’s newbuilding activities, citing contract confidentiality, while Nissen Kaiun does not comment on market reports.