Grieg Takes Option for Two at Yangzhou Dayang

Grieg Star declares its option to build two more supramax dry bulk vessels. The vessels are the last two ships of a series of four, based on a building contract entered into with Yangzhou Dayang Shipbuilding in China in June.

During 2012, Grieg Star took delivery of two 58,000 dwt. supramax newbuildings, also from Dayang. The existing order, consisting of four ships to be delivered during 2015, is for 63,500 dwt. super-eco design supramax vessels, the most fuel-efficient vessel of this type available.

The supramax newbuilding program is considered a good fit with the group’s existing portfolio of strategic long term cargo contracts and chartered eco-design vessels on long term time charter with purchase options. Altogether, this gives Grieg Star an opportunistic and flexible market position for the future.

[mappress]

Press Release, September 24, 2013