Korea's STX Offshore & Shipbuilding confirmed on that Navig8 had ordered up to 12 LR1s in a KRW 620bn ($578.9m) fleet expansion.

Delivery of the eight firm ships will be by the end of June, 2016, it said. Four options are attached. The price works out at about $48m per vessel. TradeWinds first revealed the Singapore owner was likely to move for up to 16 LR1s at STX and SPP in Korea last month.

The order is crucial work for the restructured shipyard, which last week agreed a debt-for-equity swap with its creditors. TradeWinds reported last week that Navig8 had requested a revised design with a wide beam and conventional length overall (LOA).

Navig8 owns one 2011-built LR1 and operates eight others chartered in from owners including Navios.