South Korean shipbuilding company Daewoo Shipbuilding and Marine Engineering (DSME) has secured orders for the construction of ten very large crude carriers (VLCCs).

The total value of the orders is approximately around $1.73bn (KRW1.95tn), reported The Korea Herald.

A letter of intent was signed in December.

Once built, the VLCCs will be supplied to Advantage Tankers, AET and International Seaways, reported The Offshore Energy.

The 300,000dwt vessels will be built at DSME’s Okpo Shipyard and are expected to be delivered by the second half of 2023.

An official of the company was quoted by The Korea Herald as saying: “This major deal perfectly proves DSME’s technology for LNG-fueled vessels to shipowners.”

The new VLCCs will feature ME-GI engines and fuel tanks, which will be made up of high-manganese steel.

The vessels will be equipped with DSME’s DS4 smart ship solution, which will aid the newbuilds to operate efficiently and securely with the firm’s natural gas propulsion system.

The company stated that the vessels will also comply with the requirements set out in the International Maritime Organization’s Energy Efficiency Design Index.

In February, DSME secured a $441m order for the construction of four containerships.

The vessels are expected to be delivered by September 2023.

In a regulatory filing, DSME said that the order was placed by an unnamed European shipowner.