Valles Steamship's ink on letter of intent for Imabari aframaxes

Valles Steamship has confirmed signing a letter of intent with Japan's Imabari Zosen for up to two aframax tankers as it continues its aim to build up a modern tanker fleet.

Valles managing director John Koo says the company has agreed terms with Imabari for one 107,000-dwt vessel for delivery in 2002, with an option on a second ship. The deal comes on the heels of Valles signing a letter of intent with Tsuneishi Shipbuilding Co. for two 106,300-dwt tankers for delivery in late 2002 and early 2003.

Valles has worked closely with Imabari on several order possibilities in the past and is planning to replace a single bull vessel and a double-side, single-bottom tanker while increasing its fleet to seven to eight aframax tankers and three to four dry cargo vessels.

The company usually locks its vessels into time charters and has already said it is working on finalizing business for its Tsuneishi newbuildings.