Chinese yards in tug of war for NITC order

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Shanghai: An order for the construction of six VLCC vessels for NITC has spurred competition between Dalian shipbuilding industry Co. and Shanghai Waigaoqiao shipyard. The two yards are reported to currently be in negotiations with the Iranian transport company for the orders, which are scheduled for delivery by 2012. There is also the possibility that this contract may extend to more vessels, keeping in line with NITC’s plans to boost its existing tanker fleet by 20 vessels.
Local media has attributed NITC’s decision to tender out to Chinese yards to the local government’s efforts to improve the country’s shipbuilding prospects by promoting financing options.  [07/07/09]