YSS, Gagasan to Buy Tankers

YAYASAN Sabah Shipping (YSS) and Gagasan Carriers Sdn Bhd (GCSB) have formed a joint-venture company, under which it will acquire two new chemical tankers costing $39 million.

The formation of the joint-venture company, GS Tankers Sdn Bhd, is the culmination of a four-year strategic alliance between YSS and GCSB in managing and operating YSS' first chemical tanker, Danum.

A joint-venture agreement between YSS and GCSB was formalized in Kota Kinabalu, Sabah.

The first of the 10,800- tonne deadweight chemical tankers is expected to be completed in August 2007 and the second four months later.

The vessels are of double-hull construction and have 12 cargo tanks with capacity of 12,000 cu m.

(Source: www.btimes.com.my)