South Korea’s K Shipbuilding has landed two newbuilding contracts worth $392m.

The Chinhae-based shipyard disclosed that two unidentified companies have ordered product carriers worth KRW 540bn. It said one company ordered four 75,000-dwt LR1 tankers, while the other signed up for two MR tankers.

Shipbuilding sources named Dubai-based Gulf Energy Maritime (GEM) as being behind the LR1 order, while Vietnam’s Asia Pacific Shipping (ASP) ordered the pair of 50,000-dwt MRs.