The Board of Directors of Samudera Shipping Line Ltd (the "Company") wishes to announce that its wholly-owned subsidiary, Foremost Maritime Pte Ltd, took delivery of the newly build chemical tanker, Sinar Agra, with capacity of 11,423 dwt.
Sinar Agra, built by STX Shipyard in Korea, was delivered to the Group on 7 November 2006 and will be on a two-year time-charter contract. Its maiden voyage shall commence on 9 November 2006, under time charter, loading 9,000 MT caustic soda from Far East to Malaysia.
The new vessel, which is financed through internal resources and bank borrowings, is expected to generate additional revenue to the Group in the fourth quarter this year.
Sinar Agra is the second chemical tanker delivered to the Group in this year. The Group will continue to actively pursue business opportunities in the areas of chemical tankers, cement carriers as well coal carriers.
None of the directors or controlling shareholders of the Company has any interest, direct or indirect, in the above transaction.
By order of the Board
Dhrubajyoti Das
8 November 2006