Shanghai-listed shipping company Tianjin Tianhai Investment Co is planing to buy four very large crude carriers (VLCCs) for a total of USD 400 million.
The company revealed in a stock exchange filing that it is about to float a tender for this purpose.
At the moment, the preparation work is ready and Tianjin has hired China National Technical Import & Export Corporation to carry out the tender process.
In addition, the company said that the initial four tankers might be joined by four more units.
The shipping company raised around USD 1.9 billion to finance its fleet modernization in 2014, however the very order is yet to be placed.
The company was formerly known as Tianjin Marine Shipping Co., Ltd. before it changed its name to Tianjin Tianhai Investment Co., Ltd. in July 2015.
World Maritime News Staff