Stream Tankers Inks Newbuilding Contracts (Japan)

Stream Tankers AS, have entered into newbuilding contracts with Fukuoka Shipbuilding Co. Ltd. and Shitanoe Shipbuilding Co. Ltd. in Japan for up to five advanced 19,900 dwt. chemical tankers with cargo tanks in stainless steel.

The vessels will be of the new Fukuoka/Shitanoe eco-design hulls and combined with modern efficient engines will give substantial fuel reductions when they are delivered in 2015 and 2016. The order is for two firm vessels and an additional three options.

Stream Tankers AS currently owns two 19,900 dwt. chemical tankers built at Fukuoka and Shitanoe shipyards in Japan in 2008 and 2010. The vessels are currently out on time-charter to one of the major global chemical tanker operators. Stream Tankers is owned by Utkilen AS (60%), EGD Shipholding AS (35%) and BSCO AS (5%).

Utkilen AS is a fully integrated shipping company with headquarters in Bergen, Norway. The company was founded in 1967 and owns and operates 22 chemical tankers ranging from around 5,000 to 20,000 dwt. in size. Utkilen is one of the major seaway transporting companies of chemicals and other bulk liquid cargoes in Northern Europe.

EGD Shipholding AS is owned by EGD Holding AS. EGD Holding AS was founded in 1907 and is a Bergen-based investment company with main focus on Shipping and Real Estate. EGD Shipholding has ownership interests in more than 40 vessels.

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Utkilen, September 18, 2013