Hong Kong-based shipping company Cido Shipping has been linked to a new order for the construction of four very large crude carriers (VLCCs) at HD Hyundai shipyards. The vessels are expected to have a deadweight capacity of approximately 300,000 tonnes each. The price of a single tanker is estimated at around $130 million, bringing the total value of the contract to more than $500 million.
The delivery of all four vessels is reportedly scheduled between 2029 and 2030. Neither Cido Shipping nor HD Hyundai has officially confirmed the deal so far. If finalized, the order would represent another major investment by the company in the tanker segment. In recent years, Cido has been actively expanding its newbuilding portfolio, placing orders for various vessel types, including product tankers and Suezmax tankers.
The company has also been associated with the development of HD Hyundai’s shipbuilding operations in the Philippines, where projects involving the construction of LR2 product tankers are already underway at the Subic shipyard. Earlier, in 2020, reports indicated that Cido had ordered two VLCCs from Hyundai Heavy Industries, marking its return to the newbuilding market after several years of absence.
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