Daewoo Shipbuilding & Marine Engineering announced through a regulatory filing on August 18 that it decided on the price of four Very Large Crude Carriers (VLCCs) awarded from a European shipowner last month.

The four newbuildings were deferred at the time of signing on July 13 but it was released recently that the shipbuilder finally announced the contact price, KRW 373.8bn. As of exchange rate on July 13 (1USD = KRW 1,145.6), the value is $326.29m, or $81.57m apiece. The VLCC quartet will be delivered by August 20, 2019.

It is observed that the price has decreased from about $83m for VLCC that the shipyard won in early April this year.

Daewoo scored three 318,000dwt VLCCs and four same-sized units from Maran Tankers Management in April and July, respectively.

The seven VLCC series will be built to the same specifications, expected to improve productivity of the Geoje-based shipyard.