Two More VLCCs from New Times Ordered by Magni Partners

People in business attire signing a contract
Updated Published

Tor Olav Trøim’s personal investment entity, Magni Partners, has increased its order for Very Large Crude Carriers (VLCCs) from China's New Times Shipbuilding, acquiring two additional 320,000 deadweight tonnage (dwt) vessels.

Trøim disclosed during last year's Marine Money conference in New York his return to the tanker industry after a 15-year hiatus. At that time, he indicated his tentative entry with just two 320,000 dwt VLCCs, also contracted from New Times. Scheduled for delivery from China in August and November of 2026, Trøim also secured options for up to four more vessels.

The third and fourth VLCCs will join the fleet in the latter half of 2027, contracted through two newly formed entities, Andes Shipping and Andes Shipping II. Trøim verified this latest VLCC order with Norwegian media.

These newly ordered vessels will feature dual-fuel engines capable of operating on both LNG and bunker oil. The price for the initial two tankers is quoted at $135 million per ship, while the subsequent vessels were agreed upon at around $117 million each, with an additional $19 million allocated for the dual-fuel technology.