Nanjing Tanker Corporation to construct two VLCCs

Nanjing Tanker Corporation plans to build two 320,000-ton very large crude carriers (VLCCs) through its wholly-owned Hong Kong subsidiary, reports secutimes.com, citing a company filing. The cost of construction of each VLCC will not exceed $100 million. Funds for the building of the two VLCCs will be provided by the Hong Kong subsidiary. The two VLCCs are expected to be put into operations in the second half of 2012.