Hin Leong shipping arm takes early delivery of VLCC

SINGAPORE, Nov 21 - Ocean Tankers, Singapore oil trader Hin Leong's shipping arm, has taken delivery of a Very Large Crude Carrier (VLCC) at Shanghai Waigaoqiao Shipyard five months early, the first of an initial order of six vessels.

Ocean Tankers also ordered another six VLCCs this year, with three options, bringing its total order book to 12. The vessels were contracted at a cost of above $115 million each.

"With the growth in demand for crude oil in China showing no sign of abating, it is anticipated that this market will require another 40 to 50 VLCCs in the next five years," said Chen Minjun, President of Shanghai Waigaoqiao Shipyard, in a statement.

The 318,000-dwt (dead weight tonne) vessel, Hua San, is the first double-hull VLCC built to Common Structural Rules (CSR), which feature increased strength requirements and more robust construction. It is also the biggest vessel by weight ever built in China.

Unlisted Hin Leong is a major player in the oil products market and operator of a $455 million storage terminal, Universal Terminal, on Singapore's Jurong Island.

Ocean Tankers, incorporated in Singapore in 1978, commands a fleet size of about 4.1 million dwt. It presently manages a fleet of 77 tankers ranging from small coastal barges to supertankers. (Reporting by Jennifer Tan; Editing by Ramthan Hussain)