Dockwise Takes Delivery of MV Trustee

The MV Triumph, the final vessel out of a series of six, joined the fleet of Dockwise Transport in December. Dockwise is a wholly owned subsidiary of Dockwise Ltd.

After successfully completing the submerging test and sea trials, MV Trustee was delivered to the owners on 30 December 2008. The heavy transport vessel is designed to transport complex, high-value cargo like jack- up drilling units and has a carrying capacity in excess of 35,000 tons. The Trustee will load its first cargo in China after the vessel has been prepared. This vessel was converted at the Cosco shipyard at Zhoushan, China. During the conversion, the entire midship section has been replaced and machinery and equipment were fully revised and renewed.

The conversion of Trustee forms part of Dockwise's $220m Capex program for 2008. This program can be completed from operating cash flows. Remaining payments due, relating to the conversion of Trustee and Triumph will be settled in January 2009. Capex expenditure as of 2009 will return to maintenance levels of some $50m per annum.

Dockwise has appointed Anglo-Eastern Ship Management to provide technical and crew management. As such, the new vessels will operate under the same management systems as the existing Dockwise vessels.

(www.dockwise.com)