DNV GL presented Approval in Principle (AiP) for a new LNG fuelled VLCC design from Dalian Shipbuilding Industry Co (DISC) at Marintec China 2015 on Tuesday.

John Fredriksen's flagship tanker company Frontline has booked a $17.4m profit, its strongest Q3 result since 2008, while imminent merger partner Frontline 2012 realised $61.9m.

Profits continued to rise in the third quarter for DHT Holdings boosted by the strong VLCC market.

Euronav has declined to exercise options on four VLCC newbuild resales, despite booking a $245m profit in the first three quarters.

Joint venture firm China VLCC will sell two secondhand VLCCs to two Marshall Island-registered companies, Tilos Shipping Corporation and Delos Shipping Corporation, at a total price of $133m.

It has been a stellar couple of weeks in the VLCC market where earnings topped $100,000 a day on routes east.

VLCC rates have been climbing precipitously since their August slump. Renewed activity in the Gulf, including increased cargoes from Iraq, pushed earnings on the bellwether Gulf/Japan route to in excess of $70,000 a day.

China's economic slowdown may have hit the drybulk market hard, with imports of coal, iron ore and copper down, but it has not so far impacted the tanker market, in particular VLCCs.

Tanker giant Frontline is seeing what it describes as “forced storage” as unsold cargoes are loaded onto vessels while awaiting a buyer.

With Chinese growth slowing, a “Death Cross” - a chart formation portending downward movements for major stock averages - appearing, and oil prices plunging: what are investors in shipping shares to do?