SITC Shipowning Orders Four Newbuilds

Maritime Activity Reports, Inc.

August 14, 2017

Photo:  SITC International Holdings Co., Ltd

Photo: SITC International Holdings Co., Ltd

 SITC Shipowning, a wholly-owned subsidiary of SITC International Holdings Co, has exercised the options for the construction of two container vessels, said a company release.

 
SITC Shipowning also entered into the New Shipbuilding Contracts with the Builder for the construction of two additional container vessels.
 
The four vessels to be constructed under the Option Contracts and the New Shipbuilding Contracts are 1,011 TEU class gearless container vessels. The aggregated costs for the construction of the four container vessels under the Options and the New Shipping Contracts is US$68 million.
 
SITC Shipowning entered into the Shipbuilding Contracts with the Builder in May 2017 for the construction of two container vessels for an aggregate consideration of US$34 million. 
 
As the four container vessels to be constructed under the Option Contracts and the New Shipbuilding Contracts are of the same type as those under the Shipbuilding Contracts and that the contracts are with the same Builder, the Option Contracts and the New Shipbuilding Contracts would need to be aggregated with the Shipbuilding Contracts.
 
Delivery of the first vessel is expected to be made on or before 28 February 2019 and delivery of the second vessel is expected to be made on or before 30 April 2019.
 
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