Tor Olav Trøim’s private investment vehicle Magni Partners, has placed an additional order with New Times Shipbuilding for two 320,000 dwt LNG dual-fuel very large crude carriers (VLCCs), increasing its VLCC order booked with the yard to four. Deliveries of the two additional VLCCs are expected to begin in the second half of 2027.
During the Marine Money conference in June last year, Tor Olav Trøim told delegates that he would return to the tanker market after a 15-year absence. In July last year, Magni Partners signed a contract with New Times Shipbuilding for 2+4 320,000 dwt LNG dual-fuel VLCCs, with the first two scheduled for August and November 2026 delivery.
The relevant shipbuilding contracts were awarded by two newly established companies, Andes Shipping and Andes Shipping II. The latest order has been confirmed by the shipowner.
The two new VLCCs will be equipped with dual-fuel engines that can run on both LNG and bunker oil. The first two VLCCs are said to cost $135 million per unit, with the additional order coming in at $117 million per unit. An additional $19 million will be required to cover the cost of the dual-fuel solution.
As a leader in the field of tanker construction, Clarkson data shows that all 37 new ships undertaken by New Times Shipbuilding in 2023 are all tankers. Specifically, it is divided into 6 VLCCs, 18 Suezmax crude carriers, 7 LR2 product tankers, 4 LR1 product tankers, and 2 MR product/chemical tankers, and as many as 22 of them are LNG dual-fuel vessels. In 2023, New Times Shipbuilding’s handheld tanker order book reaches 59 units, counting 1.7 million compensated gross tonnages (CGT), ranking the first among global shipyards.
In 2023, New Times Shipbuilding completed and delivered 27 ships, totaling 3,711,500 deadweight tons, and signed new shipbuilding orders for 43 ships, totaling 6,483,000 deadweight tons. As of December 31, 2023, New Times Shipbuilding had 101 ships on hand with 13,273,700 deadweight tons, with orders scheduled to 2027.
In 2024, New Times Shipbuilding plans to complete and deliver 31 ships, about 3.92 million deadweight tons, for the whole year.