Tianjin Tianhai Investment, formerly known as Tianjin Marine Shipping, has revised its very large crude carrier ordering plan to four with another four optional VLCCs.

A stock filing of TIC said that TIC had contracted China National Technical Import and Export Corporation to arrange the tendering work for the new orders.

In 2014, TIC raised a total of CNY 12 billion in a private placement to fund its new building project. TIC had held back tapping the funds since 2014 because of wider fluctuations in the crude oil shipping market, which prompted TIC to suspend its new building project. The company had planned to order its first four VLCCs at an aggregate cost of 400 million USD.

In 2013, then-TMSC planned to order 10 VLCCs and 4 LNG carriers by raising funds through a private placement. The company estimated that the VLCCs would cost 90 million USD each, with the LNG carriers valued at 200 million USD each.