UM Bulk Orders Two Bulk Carriers from Japan

UM BULK AS, Grimstad has signed an agreement with Tsuneishi Shipbuilding Co., Ltd, Japan to buy 2 bulk carriers of TESS-58 type.

The vessels will be delivered in 2014 and 2015 from Tsuneishi Heavy Industries, Cebu in the Philippines and represent next generation bulk carriers with eco-design and more effective engines with reduced consumption.

UM BULK AS is a J/V between the J.J. Ugland companies, Grimstad and Mitsubishi Corporation, Tokyo. The orders represent a broadening of a long-term cooperation between the two companies.

UM BULK AS thinks the timing is good for investing in new, more environmental friendly bulk carriers for delivery in 2014/2015.

[mappress]

J.J. Ugland, January 28, 2013