MR product tanker newbuilding prices have breached the $50m barrier for the first time since the 2008 global financial crisis.

South Korea’s HD Korea Shipbuilding & Offshore Engineering has won a contract with an Asian buyer for four product carriers worth KRW 278.9bn ($207m), or $51.75m each.

It did not disclose the buyer’s identity in a statement to investors but said subsidiary shipyard Hyundai Mipo Dockyard would be building the quartet.