NITC Secures Loan to Increase VLCC Fleet

9 August 2010 (Last Updated August 9th, 2010 18:30)

National Iranian Tanker Company (NITC) has secured a loan of $1.2bn from Chinese banks, including the Export-Import Bank of China, to build 12 very large crude carriers. The vessels, which will be built at Dalian Shipbuilding Industry and Shanghai Wai Gao Qiao Shipyard, will cost NITC $10

National Iranian Tanker Company (NITC) has secured a loan of $1.2bn from Chinese banks, including the Export-Import Bank of China, to build 12 very large crude carriers.

The vessels, which will be built at Dalian Shipbuilding Industry and Shanghai Wai Gao Qiao Shipyard, will cost NITC $103m each, the company said.

Construction of the vessels will start in 2011 with an expected delivery through 2013, according to lloydslist.com.