South Korea’s SPP Shipbuilding has won an order from Scorpio Tankers to build four MR product tankers for $32.5m each.

Two of the vessels have been exercised as options from a previous contract, while the remaining two are newbuilds.

The MR product tankers are part of Scorpio’s existing newbuilding programme for fuel-efficient vessels and are scheduled to be delivered in the third and fourth quarters of 2014.

Scorpio has also received extensions on many previously agreed options and received four new fixed-price options for similar vessels, which are expected to be delivered in 2015.

Scorpio placed orders for six MR product tanker newbuildings in December 2012, with a fixed-price option to build eight more vessels.

The company exercised an existing option it had with South Korea’s Hyundai Mipo Dockyard to build two vessels and has signed a letter of intent with Spp Shipbuilding for four ships.

Scorpio agreed to pay $33m for each of the six newbuildings and the same for each of the optional eight additional vessels.

All six MR product tankers are expected to be delivered in the second and third quarters of 2014.

Scorpio currently has 16 newbuilding MR tankers on order with Hyundai Mipo and SPP, with two expected to be delivered by April 2013, while the remaining 14 are scheduled to be delivered in 2014.

The company also has fixed-price options for the construction of a total of 14 additional newbuilding product tankers at South Korean yards.

The company has a fleet of one LR2 tanker, four LR1 tankers, one Handymax tanker, six MR tankers and one post-Panamax tanker.

The company has also time-chartered 20 vessels, including three LR2, three LR1, nine MR and five Handymax tankers.