Middle East Economic Survey
Vela Orders Six VLCCs From Daewoo
Vela International Marine, Saudi Aramcos shipping subsidiary, announced on 18 February that it had signed contracts with Daewoo Shipbuilding and Marine Engineering Company to build six very large crude carriers (VLCCs) at its Okpo Shipyard in South Korea. Each ship will weigh 318,000 tons dwt, and have capacity to carry about 2.2mn tons of Arabian crude oil. The first VLCC is scheduled for...