Global energy transport company Overseas Shipholding of the US has entered into a $389m agreement with China Exim Bank to fund shipbuilding.

Borrowing will be used to finance three very large crude carriers (VLCC) and two Aframax crude oil tankers constructed in China, the company said.

The two Aframaxes are the Overseas Yosemite and Overseas Yellowstone, delivered in the first half of this year.