Eships awards shipbuilding contract

Emirates Ship Investment Company (Eships) has signed a shipbuilding contract with Korea's STX Corporation for the construction of two semi-refrigerated LPG tankers.

The vessels, which are valued at approximately US$38 million each, are scheduled for delivery in May and July 2010. They will be committed on long term period charters to Total (CSSA).

"These 6500cbm tankers are designed to meet the highest quality, with state-of-the-art safety and environmental features," said Scott Jones, chief executive officer, Eships. "This is consistent with Total's stringent requirements and Eships' vision of providing industrial customers with safe, reliable and environmentally friendly marine transportation."

Eships, which is owned by Oman and Emirates Investment Holding Company, Mubadala Development Company and Abu Dhabi Investment Company (ADIC), already has four vessels on time charter to Total (CSSA). The contract for these additional tankers was finalised during a recent signing ceremony, which was attended by Ahmed Saeed Al Calily, chairman of Eships and D.K. Bae, deputy president of STX Corporation.