The Asiatic Lloyd/Atlantic Lloyd group is expanding and renewing its MR tanker fleet with an order for up to four 50,000-dwt product carriers at Hyundai Mipo Dockyard (HMD) worth about $156m.

Shipbuilding sources identified Singapore-subsidiary Asiatic Lloyd as being behind a pair of MR newbuildings that Korea Shipbuilding & Offshore Engineering Co (KSOE) announced on Monday.

KSOE is a unit of Hyundai Heavy Industries Holdings. It controls Hyundai Heavy Industries, Hyundai Samho Heavy Industries and HMD.