By OGJ editors
HOUSTON, Oct. 1 -- Teekay Shipping Corp., Nassau, has entered into agreements with Daewoo Shipbuilding & Marine Engineering Co. Ltd. and Samsung Heavy Industries Co. Ltd., both of South Korea, to purchase two new, high-specification Aframax (80,000-200,000 dwt) tankers from each company.
According to terms of the agreements, Teekay also retained options to order additional ships later. The four newbuilds, scheduled for delivery in 2004, will each be 115,000 dwt. The total purchase price of $152 million includes construction supervision costs and capitalized interest.