Dubai Shipping gets more double-hulled tankers
Posted: 23 July 2003
Dubai Shipping Company, a subsidiary of Emirates National Oil
Company Ltd (ENOC) LLC, has exercised purchase options with South
Korea’s Hyundai Heavy Industries Co. Limited (HHI), for a
further two high specification double-hulled tankers.
The move follows the award of a US$70 million contract to HHI for
two identical vessels placed last month (June) by Dubai Shipping
Company (DSC).
“These four sister vessels will now work together to cater
to growing international demand,” said Hussain Sultan, ENOC
Group Chief Executive and Board Member. “Together they will
also serve as a powerful marketing tool.”
The four tankers, each with a 75,000 tonne capacity, are to be
built in Hyundai’s yard in Korea. They are due for delivery
in 2005.
Official signing of the options took place in Dubai in a ceremony
attended by: Hussain Sultan; His Excellency S. Y. Kang, Korea’s
Ambassador to the UAE; Y. Chung, HHI’s Senior Executive, Vice
President and Chief Operating Officer; Yusr Sultan, ENOC’s
Chief Executive, Shipping Terminalling & LPG; Tayyeb Al Mulla,
Chief Executive, ENOC International Refining & Marketing; Jim
Hayer, Projects Director – Shipping; H.J. Cho, First Secretary
at the Korean Embassy in the UAE; I.K. Kang, HHI’s General
Manager and B. J. So, Deputy Manager, HHI.
Delivery of the four new tankers will take the DSC double-hull
fleet to six vessels in this particular size.
“All six will be modern, high quality vessels and testament
to ENOC’s determination to abide by international environmental,
health and safety regulations which demand the replacement of single
hulled vessels,” added Sultan.
Contract awards for the four vessels follow an intensive international
competitive bid.
“The awards, coming as they do from such a well respected
name in the international marine industry, are a major achievement
for HHI which endeavours to deliver high quality build on the best
commercial terms,” said Y. Chung.
The four new vessels will join a growing DSC fleet, which currently
comprises US$150 million worth of oil and chemical tankers trading
worldwide.
Apart from owning and operating a fleet of oil and chemical tankers
trading worldwide, DSC provides both technical and commercial ship
management services.
DSC’s entire fleet trades globally with major oil companies
and is chartered by a growing list of international clients.
DSC, which has been certified by Lloyd’s as operating to
ISO 9002/ISM standards, is a licensed shipping agent for Dubai’s
main ports as well as Fujairah Port on the East Coast of the United
Arab Emirates.
It handles agency work for other ship owners, including the supply
of spare parts and the expedition of crew movements.
For more information see www.enoc.com.
Posted by Richard Price,
Editor Pipeline Magazine
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