Tuesday, May 24, 2005

Iran picks South Korea's Daewoo for VLCC contracts

Iran is ordering 3 318,000-ton very large crude carriers from Daewoo as reported here. It's part of a National Iranian Tanker Co. (NITC) ship building boom:
In February, NITC issued a tender to shipyards for the construction of five 1-million-bbl Suezmax tankers and five 2-million-bbl VLCCs.

Altogether, NITC has announced plans to order 35 vessels to be built by 2010, including 20 chemical tankers and 10 LNG carriers.
The oil has to get to China -uh- the buyers somehow.

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