China: JES Enters New Shipbuilding Contract

The Board of Directors of JES International Holdings Limited announced that, in accordance to Group’s policy of recognizing orders which are effective, the Group has entered into new shipbuilding contract with a Germany customer to build a 94,000 DWT bulk carrier, through its wholly owned subsidiary, Jiangsu Eastern Heavy Industry Co., Ltd (JEHl).

Also, there is an option for second similar vessel for which the order shall be announced later in accordance to Group’s policy.

The delivery of the vessel is expected to take place in the year 2014.

The Group has jointly designed and developed a new range of energy-efficient 82,000 DWT bulk carriers with the Marine Design and Research Institute of China (MARIC). This latest design is capable of lowering fuel consumption while increasing carrying load than the existing Panamax design.

During the year, the Group also jointly designed and developed another new range of energy-efficient 95,000 DWT bulk carriers with the Shanghai Design and Research Institute that has similar characteristics as the 82,000 DWT range of bulk carriers.

[mappress]
Source: JES, September 19, 2012