Broström and Rigel Declare Options for Further Newbuildings

Monday, June 30, 2003
In May 2002 Broström and Rigel Schiffahrts GmbH announced the order for two IMO II 37,300 dwt product and chemical tankers each at the Chinese shipyard Jinling. The four vessels are due for delivery during a period from later this year through the second quarter 2005. Broström and Rigel have now both declared their options to extend their orders with another identical vessel each, bringing the total up to six ordered vessels. The additional vessels are due for delivery during the second quarter of 2005. Options for further one vessel each at the same shipyard have been secured by Broström and Rigel. Broström intends to finance its vessels under the French tax lease system and eventually have holding of at least 25 percent of the capital investment. The vessels are designed for the European distribution trade in which Broström has been active for many years. This particular trade is very intense with relatively short voyages and frequent port calls. Requirements are therefore extremely high as to technical operational efficiency and reliability in the offered services. "Since the original order was placed one year ago, we have been further encouraged by our customers to expand our activities in this specific market segment. Demand for quality and safety in product tanker shipping is increasing", says Lennart Simonsson, CEO of Broström.

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