GE Shipping to Acquire Two New Tankers

Great Eastern Shipping Company Ltd. has ordered two new building Long Range One (LR1) Product tankers from STX Shipbuilding Company Ltd., Korea. Great Eastern said the vessels, of around 74,500 dwt each, are due for delivery during the third quarter of 2008-09. With this order, the company's new building order book stands at nine tankers (4 LR1 product tankers and 5 MR product tankers) with an aggregate dwt of 0.52 million and 5 OSVs (4 AHTSVs and 1 PSV). The existing fleet of 74 vessels of the company includes 40 ships with an average age of 12.7 years and 34 offshore units and the order book comprises 12 vessels — seven tankers and five offshore supply vessels (OSVs). (Source: http://www.domain-b.com)