China’s Yangzijiang Shipbuilding has inked letters of intent with four shipping companies in Europe for a total of 12 conventional-fuelled product tanker newbuildings worth about $700m.

Oslo-listed Hafnia and three Greek companies — Metrostar Management, Pantheon Tankers and Union Maritime — were named as the shipowners that have provisionally booked the tanker slots at the shipyard, which is better known for building container ships and bulk carriers.