Jiangsu-based New Times Shipbuilding has broken the LR2 tanker order drought in China by securing two newbuildings from Evangelos Marinakis’ Capital Ship Management.

China looks set to benefit from more LR2 product tanker orders in the near future, with a number of negotiations understood to be ongoing.

Prospects for the LR2 market have picked up following the “price cap” sanctions on Russian crude exports set to begin on 5 December, with oil products included two months later.