The New York-listed product tanker owner Scorpio Tankers is returning to the VLCC market with a new construction agreement for two ships at South Korea’s yard Hanwha Ocean.

The product tanker owner has signed letters of intent to construct two very large crude carriers (VLCCs) at Hanwha Ocean Co. Ltd., in South Korea. 

The purchase price is $128m per vessel with deliveries expected in the third and fourth quarters of 2028.

Emanuele Lauro, chairman and chief executive officer, commented: “We have a strong and long-term view of the fundamentals of the crude tanker market, and our investment in DHT reflected that outlook. These VLCC newbuilding agreements, with capital expenditures weighted toward the end of 2027 and beyond, represent a logical and efficient extension of that conviction and position the company to benefit directly from a constructive crude tanker market.”

Scorpio Tankers currently owns or lease finances 98 product tankers (38 LR2 tankers, 46 MR tankers and 14 handymax tankers) with an average age of 9.6 years.

The company has entered into agreements to sell four MR and two LR2 product tankers, which are expected to close in the fourth quarter of 2025 and first quarter of 2026.

The Monaco-based shipowner has also reached agreements for four MR newbuildings that are currently under construction with deliveries expected in 2026 and 2027.