NO. 45


Saudi Arabia

Saudi Aramco's Vela Orders Three more VLCC's from South Korean Yard

Saudi Arabia's tanker affiliate Vela is reported to have awarded a letter ofintent to South Korea's Hyundai Heavy Industries for a further three 280,000 dwtcrude carriers. According to Lloyd's List, the total value of the deal withHyundai is around $300mn, which would put the Korean price substantially belowJapanese quotes. Although the VLCCs will be of a single-skin configuration,...