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GE Shipping contracts two newbuilding product tankers

Written by: Staff
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Mumbai, Mar 28 (UNI) Great Eastern Shipping Company (GE Shipping) has signed a contract with STX Shipbuilding Company Ltd, Korea for the construction of two Long Range One (LR1) Product Tankers of 74,500 dwt each, with a view to modernize its current fleet.

Announcing this, the Company said that the ships are expected to be delivered by mid-2009. With this, the Companys new building orderbook stands at seven tankers (two LR1 Product Tankers and five MR Product Tankers) with an aggregate dwt (dead weight tonnage) of 0.37 million.

It has also contracted to buy a modern Aframax crude carrier to be delivered during this month.

Under the Scheme of Arrangement, the six OSVs(offshore vessels) on order will be transferred to the resulting company, namely, Great Offshore Ltd on the effective date.

The current fleet of the Company comprises 73 vessels -- 40 ships with an aggregate dwt of 2.8 million and 33 offshore vessels.

UNI SN MAZ SKB1628

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