HMD is close to securing newbuilding contracts from owners in Iran and the UK for up to eleven chemical tankers potentially worth $280m in total.

NITC has ordered three 37,000dwt coated IMO class chemical tankers at the South Korean yard. It also has options for two additional vessels. Delivery of the first vessel is set for the second quarter of 2004, with subsequent ships following at three monthly intervals. If all five ships are confirmed the deal will be worth $130m in total.

It is unclear at this stage if the NITC ships are intended as replacement tonnage or not. However, the Tehran-based owner presently operates four single hull 25,600dwt tankers that date from the early 1970s.

HMD has also signed letters of intent(L/I) for up to six slightly smaller 31,500dwt coated IMO class for UK-based owner Marine Cross. The deal is potentially worth a total of $150m. Although little is known about London-based Marine Cross. HMD has confirmed that it has built for this owner previously. The confirmation is expected in October.