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Brightoil Petroleum Holdings has announced that it has entered into a letter of intent with third parties for the acquisition of five 319,000 dwt crude oil tankers.

The total cost of the five vessels will be approximately US$537.5 million, with each tanker costing US$107.5 million.

The first four ships are scheduled to be built and delivered by the second half of 2012 with the fifth vessel due to be completed by the first quarter of 2013.

Brightoil said that the shipbuilding contracts had not yet been signed, but that a further announcement would be made at a later date regarding the deal.

In January, Brightoil Chairman, Sit Kwong Lam, confirmed that the company was in the market to buy six to eight tankers between 50,000 deadweight tonnes (dwt) and 300,000 dwt in size, all during the course of 2010.

The plan formed part of Brightoil's strategy to expand its marine transportation business, aiming to take advantage of the low price of oil tankers during the current economic climate.

"The group reckons the timing to purchase an oil tanker is highly attractive given the current price of a newly-built high quality tanker vessel is down from around US$80million in 2008. In addition, the group also anticipates benefits from the gradual recovery of the shipping industry," Kwong Lam said in a statement earlier this year.

Earlier this month, Brightoil announced the purchase of two vessels, the Oil Tanker 1 and Oil Tanker 2, each at a cost of US$57.5 million.

The double-hulled vessels, which both have a load-carrying capacity of 115,000 tonnes, are expected to be used for the transportation of fuel oil and crude oil.

In May, the company also took delivery of a double-hulled aframax oil tanker, renamed Brightoil Lion, which was acquired from Rasos Shipping Co. Ltd. at a price of US$52.5million.