Shipping company Nova under Singapore's RGE Group has recently exercised its options at Chinese shipyard Taizhou Sanfu Ship Engineering Co., Ltd. for a pair of 34,500dwt product tanker (IMO-II) newbuildings, according to a domestic shipping news report.

The product tanker duo will be delivered in 2017.

Nova placed an order of 2+2 34,500dwt product tankers at the Chinese builder last July. The first two vessels are expected to be delivered next year.

Nova did not disclose the detailed price of the latest two ships. However, Each of the first two tankers was priced at approximately US$30m.

These newbuildings will be used to transport palm oil for RGE's subsidiaries Apical Group and Asian Agri, the report added.