STX Offshore to Build Up to Eight LR1 Tankers

STX Offshore & Shipbuilding has secured an order for construction of up to eight Long Range Product Carriers (LR1), worth a total of USD 375 million.

The deal, signed with an undisclosed medium-sized company, stipulates construction of four 74,000 ton carriers plus option for construction of four additional units, South Korean news agency Yonhap reported.

Under the contract, the vessels are slated for delivery in 2016.

Once delivered, the LR1 tankers will be chartered out to Royal Dutch Shell on a long-term basis.

The South Korean shipbuilder has received orders for 21 tankers since the first half of 2014, out of 36 orders placed on global scale, making it the majority holder of the overall market share in this segment.

World Maritime News Staff

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