Onex in for MR newbuilds at Hyundai Mipo 

UAE-based oil and petroleum products trader Onex DMCC is adding a pair of medium-range product tanker newbuilds from South Korea.

The subsidiary of private infrastructure group Onex has contracted two 50,000 dwt ships at Hyundai Mipo Dockyard in Ulsan worth about $53.5m each, according to multiple shipbuilding sources.

The order from an unnamed Middle East company was revealed earlier this month by HD Korea Shipbuilding & Offshore Engineering, the holding entity overseeing the shipyards of South Korea’s conglomerate HD Hyundai.

The newbuilds will be scrubbed-fitted and delivered in 2026, joining Onex’s fleet of five tankers, of which three LR2s were delivered from Hyundai Samho Heavy Industries in 2021.