https://splash247.com/ray-car-carriers-forks-out-520m-on-four-vlcc-newbuilds/

Ray Car Carriers forks out $520m on four VLCC newbuilds - Splash247

Ray Car Carriers, renowned for its vehicle carrier tonnage, has made a strategic move into the supertanker segment with the signing of a significant construction agreement in South Korea. The Israeli owner has reportedly secured a deal worth $520 million at HD Korea Shipbuilding & Offshore Engineering for the construction of four Very Large Crude Carriers (VLCCs).

According to industry sources, the 320,000 deadweight ton (dwt) vessels will be built at Hyundai Samho Heavy Industries and are scheduled for delivery by December 2027. Each VLCC is estimated to cost approximately $130 million, aligning closely with market rates for similar tonnage.

Ray Car Carriers' decision to venture into the VLCC market comes amidst a surge in demand for supertanker tonnage, driven by factors such as limited orderbooks and increasing shipping requirements. The company joins a cadre of high-profile shipowners, including DHT, Evangelos Marinakis, John Fredriksen, and Tor Olav Trøim, who have capitalized on available newbuilding slots to bolster their fleets.

This latest order represents Ray Car Carriers' second newbuilding project this year, following its recent booking of two car carriers at Hyundai Mipo Dockyard, slated for delivery by May 2028. With a diverse portfolio spanning vehicle and crude oil transportation, the company demonstrates its commitment to strategic expansion and fleet modernization in response to evolving market dynamics.