October 12, 2008

Eships inks shipbuilding contract with STX Corporation

Emirates Ship Investment Company has signed a shipbuilding contract with Korea's STX Corporation for the construction of 2 semi refrigerated LPG tankers. The contract for these additional tankers was finalized during a recent signing ceremony, which was attended by Mr Ahmed Saeed Al Calily chairman of Eships and Mr DK Bae deputy president of STX Corporation.

The vessels, which are valued at approximately USD 38 million each, are scheduled for delivery in May and July 2010. They will be committed on long term period charters to Total.

Mr Scott Jones CEO of Eships said that "These 6500 cubic meter tankers are designed to meet the highest quality, with state of the art safety and environmental features. This is consistent with Total's stringent requirements and Eships' vision of providing industrial customers with safe, reliable and environmentally friendly marine transportation."

Eships, which is owned by Oman and Emirates Investment Holding Company, Mubadala Development Company and Abu Dhabi Investment Company already, has 4 vessels on time charter to Total.