Sun Enterprises of Greece is growing its presence in the MR tanker sector through newbuildings for the first time since 2003.

Shipbuilding players said the S Livanos-led company has commissioned Hyundai Mipo Dockyard (HMD) to construct two 50,000-dwt newbuildings for delivery in late 2020. Sun Enterprises is said to be paying $37.5m each for the product tankers and the deal includes one optional vessel.