Malaysian tanker owner Global Carriers Berhad has confirmed reports that it is to beginning a fleet renewal programme with a firm order for two product tankers at China's Ningbo Shipyard.

Ningbo will build two 7,000-dwt double-hulled tankers for the owner in a deal worth $19.96m, Global Carriers announced to the stock exchange on Monday.

Delivery of the first unit is slated for before the first half of 2008 with the second ship to follow three months after.