It is said that Hyundai Heavy Industries inked a LOI with Victor Restis for building Suezmax tankers recently. However, The Greek ship owner did not decide where to build Suezmanx tankers yet. 

According to TradeWinds, Victor Restis from Enterprises Shipping and Trading(EST) is ready for building two Suezmax amounting to USD 110M in total. 

After withdrawing itself from the Suezmax market in the beginning of 2014, EST is going to return with a bold declaration of expanding its fleet in the Suezmax market. Some market watchers believe the newbuilding price of Suezmax is decided as to the EST’s order.

According to Clarksons research, the newbuilding price of Suezmax is USD 56.50 Mil. as of the 3rd week of August.