By GMM Technologies | 2024-03-15 | Ship Building News |

Ray Car Carriers has ordered four new Very Large Crude Carriers (VLCC) at the HD Korea Shipbuilding and Offshore Engineering in South Korea for $520 million.

Ray Car Carriers, primarily known for its services in the vehicle carrier market, is investing in the supertanker market by signing a deal for the construction of these four VLCCs. Ray Car Carriers had previously acquired two VLCCs from the Hunter Group in 2022 for $95.5 million each.

The new VLCCs each will be 320,000 dwt and will cost $130 million, although the average market price for ships of similar tonnage is $128.5 million. The ships will be built at Hyundai Samho Heavy Industries and will be delivered around December 2027.

There is an emerging market trend of several high-profile shipowners investing in the construction of VLCCs due to the current order book of this particular sector being small. DHT from Norway has also ordered eight such ships in South Korea, while other shipowners such as John Fredriksen, Evangelos Marinakis, Tor Olav Troim, and the charterer Trafigura have placed their orders in China.