Color Line To Take Delivery of New Cruise Ferry

Tuesday, October 08, 2002
The Norwegian ship owner Color Line AS and Kvaerner Masa-Yards have agreed to extend the validity of their letter of intent signed in July 2002. The signing of the final contract has been delayed because the financing of the vessel is pending the outcome of the Norwegian budget proposal of October 3, 2002. The key outstanding issue is required material changes in the net wage scheme for Norwegian seamen, which are already in effect in other Nordic and European countries. According to the letter of intent Color Line shall purchase and Kvaerner Masa-Yards shall design, build and deliver one cruise passenger ferry of about 74 500 gross tonnes. The extended letter of intent is subject to finalisation of the financing, which Color Line is confident will be arranged if Stortinget (the Norwegian Parliament) and the Norwegian Government approve a long-term net wage scheme similar to the system in Sweden or Denmark. The vessel could start operation under Norwegian flag for the Christmas season 2004. The parties have agreed on the general arrangements and specifications of the vessel. The value of the vessel is about EUR 300 million. The letter of intent includes also a buyer's option to purchase one sister vessel. Color Line and Kvaerner Masa-Yards continue to work on an exclusive basis towards signing the final shipbuilding contract by December 16, 2002. "We are happy to have concluded this agreement with Kvaerner Masa-Yards for a future oriented and outstanding cruise product on competitive terms," says Trond Kleivdal, President of Color Line AS. "We are satisfied with this agreement with Color Line in the difficult market conditions of today and are pleased that Color Line has confirmed its intention to take delivery of this new cruise passenger ferry in 2004," states Jorma Eloranta, President & CEO of Kvaerner Masa-Yards.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Fitch Warning on NordLB Shipping Reduction Plan

Norddeutsche Landesbank Girozentrale's (NORD/LB) strategy to reduce its shipping exposures by EUR4bn-6bn over the next three years makes sense, but will likely encounter high execution risks,

Tideland Signal Acquires Julius Signal

Tideland Signal Corporation, now part of Xylem, has entered into a definitive agreement to acquire certain assets of Julius Signal, extending the company’s portfolio

North P&I Club Repots Positive Financial Performance

North P&I Club reports that an exceptionally low year for claims has helped it increase its free reserves by $90 million to $428 million and deliver a combined ratio of 73.

Navy

BWTS Refit for Netherlands Naval Vessels

The Defense Material Organization has awarded three contracts to Goltens Worldwide’s Green Technologies business unit for the engineering and turnkey installation

Seaspan Responds to Canada’s NSS Announcement

In response to the Government of Canada’s announcement of a series of enhancements to strengthen the National Shipbuilding Strategy, Seaspan Shipyards’ president

This Day In Naval History: May 26

1943 - USS Saury (SS 189) attacks a Japanese convoy south of Kyushu and sinks transport Kagi Maru, about 10 miles north of the Nansei Shoto. Also on this date,

 
 
Maritime Contracts Maritime Security Navigation Offshore Oil Pipelines Pod Propulsion Ship Electronics Ship Repair Ship Simulators Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0946 sec (11 req/sec)