Japanese shipowner Shoei Kisen has ordered a series of four MR chemical and product carriers at Minaminippon Shipbuilding.
It is likely that the orders have been contracted under lease or time charter arrangements with operators through Shoei, which is a part of the Imabari Shipbuilding group.
The 51,000-dwt tankers are lined up for delivery in the latter half of 2025.
It is understood the contract was concluded earlier this year.
The contract brings Minaminippon — also a part of the Imabari group — back into the construction of tankers after an absence of three years.
Minaminippon has traditionally specialised in product carrier construction, but moved away from the sector while prices remained low over the last two years.
A shortage of dock space, strong demand in the oil products trade and rising shipyard costs have been forcing prices up recently.
MR tanker prices have increased to around $47.5m today, compared to $41m in 2021.
Prices are now approaching their 2008 peak and a level at which Minaminippon can compete again.
While prices remained low the yard was forced to turn to building bulk carriers.
It is currently constructing a series of nine ultramax bulk carriers for Japanese clients.
Minaminippon was acquired by the Imabari group in 2018 when it was sold by its former owners, which included majority shareholder Mitsui OSK Lines.
Last week, Mitsui & Co ordered four 50,000-dwt oil product carriers at Hyundai Mipo Dockyard costing $187m.
