Cosco Zhoushan Shipyard, part of Singapore-listed Cosco Corporation, has recently inked a contract with Greek shipowner Aegean Shipping Management for the construction of four 113,000dwt tankers, according to a domestic shipping news portal.

The deliveries will start from 2018.

The Greek shipowner did not reveal the concrete prices of the four vessels, noting that the price for each one is well below the current market average of US$56.5m.