The world's biggest independent oil tanker group Frontline has ordered two new Suezmax tankers from China's Jiangsu Rongsheng Heavy Industries Group Co. Ltd. for an undisclosed sum, Frontline said on Monday.

"The vessels will be delivered in November 2008 and February 2009," Frontline Ltd. said in a statement.

It added that it had secured options for a further four similar Suezmax tankers.

Frontline said that the new vessels were priced more than $15 million lower than the indicated price level for 2006 delivered tonnage.

It said the new vessels would help to renew the fleet and reflected an "opportunistic investment approach with great flexibility."

(For more biz stories, please visit Industry Updates)