The Board of Directors of the Company is pleased to announce the conclusion of long-term (5 years) charter-in contracts for additional two (2) container vessels. These two new buildings, with capacity of approximately 1,700 teus each, are scheduled for delivery in 2008. These vessels are contracted at levels which are significantly lower than the current spot charter hire rates.
These long-term charter-in contracts of two (2) new building container vessels are in addition to the three (3) long-term charter-in contracts of new building container vessels, each of about 1,050 teus, which the Company announced earlier this year.
In June this year, Samudera took delivery of Sinar Bandung, a 1,050 teu new-built container vessel. This vessel is on a five (5) year charter by the Company, which it had concluded more than a year ago.
The Company believes that these long-term charter-in contracts will help it in meeting its future capacity requirements in a cost effective manner.