Emirates Ship Investment Company News

TOP Ships Inc., an international owner and operator of modern, fuel efficient "ECO" MR tanker vessels focusing on the transportation of petroleum products, announced today that it has terminated the charter parties of M/T EShips Taweelah, Hull number S407 and Hull number S414 with Emirates Ship Investment Company (ESHIPS) LLC and that it has entered into new charters for these vessels with Stena Weco A/S. As a result of this termination, ESHIPS will pay the company a compensation of $500,000. The new charters are for 3 + 1 + 1 years at $16,200 per day for the first three years, $17,200 per day for the first optional year and $18,000 per day for the second optional year.

“Liquidity has come back to some extent,” said Oliver Ebner, Senior Manager, Project and Structured Finance for the National Bank of Abu Dhabi. Ebner is one of a panel of speakers lined up to address a special session on financing the industry in the global economic slowdown at Middle East Money & Ships, the region’s premier networking event for senior executives from the maritime and finance sectors. The conference from 7-8 October 2009 at the Grand Hyatt Hotel, Dubai, will also assess the continued appetite for investment in shipping, the likely pattern for recovery, where the money will come from as well as providing a realistic assessment of the current order book.

Emirates Ship Investment Company (E-ships) has ordered construction of two semi-refrigerated LPG Tankers from STX for $76 million, according to a report on www.khaleejtimes.com. The price for each vessel is about $38 million and the vessels will be delivered in Korea in May and July 2010. Eships is an Abu Dhabi based shipping company controlling 11 modern tankers and bulk carriers. E-ships is owned by Oman and Emirates Investment Holding Company, Mubadala Development Company and Abu Dhabi Investment Company (ADIC). Eships currently has four vessels on Time Charter to Total (CSSA). (Source: www.khaleejtimes.com)