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First Diamond 53 Launched in Vietnam

Maritime Activity Reports, Inc.

April 11, 2006

The first of a series of 16 Diamond 53 double hull bulk carriers has been launched at Vietnam's Ha Long shipyard. The largest ship ever built in Vietnam, the 53,000dwt Florence is the 10th Diamond 53 to be successfully launched, and 9 of the well-proven modern design are already giving excellent results in service. Hugh Williams, CEO of the Graig Group, which has developed a close co-operation with Vietnam's state shipbuilder Vinashin and which ordered the Diamond series says, "This launch is another landmark in the development of the Diamond concept, which provides owners with robust, efficient vessels and we look forward to the continuation of the series of vessels we are supervising in Vietnam." During the launching it is understood a block tripped and punctured the shell plating over a length of about 1.2m, leading to some water ingress. Water has now been removed and the vessel has been moored safely at the fitting out berth where construction work is continuing. There was no structural damage to the vessel and at no time was the vessel at risk. Williams says, "We believe that Vinashin and Halong Shipyard are acting in a professional and responsible manner around this incident and Vinashin expect, subject to dry docking results, the vessel will be delivered as planned." The Graig/Carl Bro designed Diamond 53 handymax vessels are double-hull, geared, highly flexible and designed with the future in mind, and will be the robust workhorses of the handymax market. The Graig Group is a broad-based international shipowning and shipping services group which provides innovative solutions for newbuilding supervision, ship management, ship design, ship owning and ship finance. Working from offices in Cardiff, Shanghai, Hamburg and Hanoi it is currently building ships for itself and other owners and operators at yards in China, Vietnam and India and managing an active portfolio of modern vessels.

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