Cido Shipping, headquartered in Hong Kong, is reportedly finalizing a newbuilding agreement for four Very Large Crude Carriers (VLCCs) with HD Hyundai's shipbuilding facility in the Philippines. Industry sources indicate that each of these 300,000 deadweight tonnage (dwt) tankers is valued at approximately $130 million. The delivery schedule for this quartet of vessels is projected to span from 2029 to 2030.
For freight forwarders and operations managers, while this news directly impacts the tanker market rather than container or general cargo, it reflects ongoing investment in specific vessel types within the broader shipping industry. An expanded VLCC fleet could eventually influence crude oil transportation capacity and potentially lead to more competitive rates for oil shippers, although the long delivery timeline means no immediate impact on current market dynamics. It also highlights the continued demand for new vessels despite market fluctuations, driven by long-term strategic planning by shipowners.
