An enquiry for up to 40 tanker newbuildings dubbed Project Apollo has been floated with shipbuilders, but its backer remains a mystery.

Brokers and newbuilding players said yards are being asked for quotes on four VLCCs, plus a similar number of optional vessels.

As part of the same business, offers are requested on a slew of eight suezmax tankers with the same number of options.

Some brokers suggested that the project also includes an enquiry for up to eight aframax vessels, doubled up with optional vessels.

There is some confusion around the specifications.

Those working on the business said there is an option to offer in on the tankers as dual-fuel vessels that could run on either LNG or conventional fuels. But other sources said the newbuildings would be conventionally-fuelled ships.

Confidential

The backer for the order is being described as “a large industrial player”, with one source indicating that it is a European-based company.

Yard sources said they are unaware of who is behind the enquiry, and the end-user’s name is being kept confidential.

The secrecy surrounding the large tanker enquiry is inevitably leading to market talk and speculation.

Brokers said the number of ships being requested points to an energy major or a trading company.

The enquiry is baffling some of those in the tanker industry as it comes at a time when the market is particularly weak and outlook prospects appear bleak.

The only other large piece of tanker business with yards at present is an enquiry from Abu Dhabi’s Adnoc Logistics & ­Services (Adnoc L&S).

The Middle Eastern, state-controlled outfit, which is the shipping arm of Abu Dhabi National Oil Co (Adnoc), invited offers on three firm VLCCs and four LR2 product tanker newbuildings with optional vessels in August.

One theory voiced this week was that Project Apollo is an upscaling of this business.

But brokers said Adnoc L&S, which has asked for quotes on potential dual-fuelling on the newbuildings, has already countered yard offers on these vessels.

Contracting is down across all ship sectors at yards this year, making any enquiry — particularly one for multiple vessels — an attractive proposition.

Newbuilding prices have been falling as yards try to reel in owners and meet their year-end order targets.

Shipbroker Clarksons quoted VLCC prices at just over $85m each, with a suezmax tanker at $56m and an aframax at $46m.

The broker said tanker orders for 2020 are down 32% on last year, with 120 vessels contracted to date compared to 222 in 2019.