Graig Group Secures Orders For Bulk Carriers

February 20, 2003

Cardiff-based Graig Group has secured seven firm orders for its modern double-hull ultra handymax Diamond 53 bulk carrier. Graig has ordered two Diamond 53's from Shanghai's New Century yard, Athens-based Thenamaris has taken two Graig orders from the same yard, and Scandinavian interests have confirmed, through Graig, three orders at Shanghai's Chengxi yard. First deliveries will begin in January 2005. A total of nine options have been granted by the two shipyards. "The powerful combination of a robust and practical double hull bulker design, attractive delivery positions and an excellent financial package, combined with the peace of mind that Graig's proven Chinese newbuilding experience brings has attracted these leading owners to order Diamond 53s," says Hugh Williams, ceo of Graig. "Now that IMO has backed double hulls, and IACS is producing firm guidance pointing to the advantages of double hulls for bulkers, we expect many more to follow their lead. The Diamond 53 design offers owners and charterers major operational cost savings, while significantly enhancing safety and environmental protection." A Thenamaris spokesman said, "We believe that this new double hull design offers substantial technical and commercial advantages when compared to existing designs and we are delighted to become a part of this project." The Diamond 53 ultra-handymax double hull bulk carrier design has been developed jointly by Graig and Denmark's' Carl Bro after detailed discussions with charterers. Graig and Carl Bro have a joint venture design company based in Shanghai. The vessels will be classed with DNV: - DnV +1A1 Bulk Carrier with full Nauticus package including a full 3-D model. Braemar Seascope has been appointed as exclusive broker for the Diamond series. Diamond 53 is a geared, wide hatched, 53,000 dwt handymax bulk carrier with double hull and a high specification intended to address the current concerns raised by IMO/IACS around bulk carrier safety. The vessel has 5 cargo holds, equipped with end-folding hydraulically operated hatch covers and four 36 tonne electro-hydraulic luffing cranes. Further details of the Diamond 53 design can be found on the www.graigcarlbro.com website. Graig and CarlBro will shortly be expanding the Diamond range of double-hull bulkers by launching a China-based design, finance and build package for a panamax vessel, the Diamond 75. That will be followed later in 2003 by a capesize Diamond.

Graig Group Secures Orders For Bulk Carriers

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