Two becomes three: HHI switches suezmax duo for aframaxes

Seoul: South Korea’s Hyundai Heavy Industries (HHI) has changed the two 158,000-dwt Suezmax tankers ordered by Greek owner Phoenix Energy Navigation into three 105,000-dwt Aframax tankers. The two companies concluded the deal for the two Suezmaxes in June 2008. The newbuildings, due for delivery in September and December 2011, were priced at about $96 million apiece. The three Aframaxes are slated to be completed between August and December 2011. Latest market reports indicate a severe glut of capacity of suezmaxes going forward. [07/10/09]