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 Reporter October 2013 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Henderson, Hanes & Associates Opens Doors in Miami

Ocean Engineering/ Naval Architecture Firm Brings Innovation to the Mega Yacht Community The Miami-based ocean engineering and naval architecture firm of Henderson & Associates, Inc.

DOF Installer Sells Offshore Vessel

DOF Subsea AS subsidiary, DOF Installer ASA, reported the sale of one of its three sister ships, an anchor handling tug supply (AHTS) vessel, to an international buyer.

Scanjet Secures 30-ship Tank Management Order

Scanjet Group has followed up its Tank Management order from Stolt-Nielsen with a series of contracts for its ITAMA Intelligent Tank Management concept including Tankcleaning,

Navy

US Aircraft Carrier Crew Rescues Fishermen

Sailors and Marines aboard the U.S. Navy aircraft carrier USS Theodore Roosevelt (CVN 71) assisted two fishermen aboard a fishing vessel engulfed in flames off the east coast of Florida, Sept.

Austal Launches Trenton (JHSV 5)

Second Joint High Speed Vessel to be launched at Austal in 2014 On September 30, 2014, Austal USA successfully completed the launch process of Trenton (JHSV

Australia, US Order Anti-ship Missile Decoys

Design of the next generation of anti-ship missile decoys is set to commence following the signing of two contracts between the Australian Defense Force and BAE Systems Australia Pty Ltd.

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1270 sec (8 req/sec)