Maersk Tankers is set to purchase six LR2 new buildings from China’s Dalian Shipyard, after the company’s board of directors approved the vessel order that is already under contract with the yard.

The order is part of a deal that includes options for a total of ten LR2 new buildings.

It is expected to enable Maersk Tankers to renew its existing fleet to meet its customers’ demands and maintain a strong market position in the LR2 segment.

According to the company, the latest investment will benefit from the current market as it offers competitive asset prices.

Maersk Tankers chief strategy officer Soren Meyer said: “Once delivered, the vessels will be under Maersk Tankers’ commercial, technical and corporate management.

“This increases the scale of the fleet we manage and provides vessel data, contributing to our strategy of delivering industry-leading commercial performance.”

“Deliveries of the vessels are expected to be completed over a period of two years, with the first vessels scheduled to enter the fleet in 2020.”

Deliveries of the vessels are expected to be completed over a period of two years, with the first vessels scheduled to enter the fleet in 2020.

Depending upon the market condition, Maersk Tankers plans to exercise the options to order the remaining four vessels.

Maersk Tankers currently operates a total fleet of 161 product tanker vessels across five segments, including Intermediate, Handy, MR, LR2, and Aframax.

Out of its total fleet, the company owns 80, charters 23, and commercially manages 58 vessels.