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Wednesday, December 26, 2007

Nepline to purchase vessels for US$30 Million

KUALA LUMPUR, Dec 26 (Bernama) -Shipping company, Nepline Bhd will buy two units of 7,000 dead weight tonnes (DWT) double-hull product oil tanker from two Chinese ship builders for US$30 million.In a filing to Bursa Malaysia, Nepline said it has entered into shipbuilding contracts on Monday respectively with Ningbo Doubletiger Import & Export Corp Ltd and Zhejiang Shenzhou Shipping Co Ltd for the purpose.The two vessels are part of its fleet expansion cum renewal programme.Nepline said the vessels once delivered will be slotted to perform contracts from major oil companies for the shipment of petroleum products.It said the purchase of the vessels would be funded by internally generated funds and bank borrowings.The company expects the construction of the vessels to be completed by the first quarter of 2009.-- BERNAMA
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