Sanjay Mehta-backed S ONE Capital has signed a letter of intent (LOI) with South Korea’s Hyundai Heavy Industries for up to six LNG-fuelled VLCC newbuildings worth more than $630m in total.

Brokers said Mehta’s company, of which he is listed as founder and chairman, signed its LOI for the 300,000-dwt dual-fuelled tankers on 16 June and has until 13 July to firm up the vessels.