Griffin Orders New Containership

Durban-based Griffin Shipping Holdings has ordered a 1,728-TEU containership from Poland's Szczecin yard. The 23,000-dwt vessel will be delivered in the second half of 1998. "This ship will fit neatly with our strategic focus on the super feeder sector of the containership market. It will be a sis- tership to Quadrant Express, which we took delivery of last year and which has performed extremely well," said Mike Meehan, managing director of Griffin. The newbuilding order is of the B170-class, and will have a service speed of 19.7 knots. It will be self-sustaining, with three 40-ton cranes.

Griffin will manage the ship from its Hong Kong office, and expects to place it on long term charter with a first class liner operator. "This will bring to four the number of Szczecin-built ships which we own," said Mr. Meehan. "The three we already operate have proven themselves commercially attractive to good charterers, and I am confident that this new vessel will substantially enhance our already growing earnings from containerships." Mr. Meehan expects the overall cost of the vessel on delivery to be approximately $310 million, but the actual contract price is confidential. Financing will be through traditional bank finance, as well as the company's own resources.

Griffin holds an additional three options for similar vessels at Szczecin for delivery in 1999. Griffin Shipping Holdings owns and manages a fleet of multi-purpose vessels, mid-size containerships and handy-size bulk carriers through Hong Kong-based Griffin Shipping (Asia).