The Board of Directors of Samudera Shipping Line Ltd ("the Company") is pleased to announce that the Company has entered into contract for the acquisition of a container vessel from Pacific Faith Shipping Company Ltd with an acquisition price of approximately US$ 28,900,000.
The vessel, built by Kouan Shipbuilding in China, will have a capacity of 1,100 TEUS (twenty-foot equivalent units). It is expected to be delivered in the first quarter of 2008. The Company intends to deploy the vessel on its Chittagong service (CGX), which is currently one of the Company's major trades.
This will be the third container vessel to be owned by the Company and is in line with the Company's business strategy of gradually increasing its ratio of owned vessels. The Company had previously entered into agreement to purchase the first two container vessels in September 2007 which are scheduled for delivery in the fourth quarter of 2008, for a total consideration of US$ 83,000,000. The additional purchase brings the Company's total investment in these container vessels to US$ 111,900,000.
The Group currently operates a total of 45 vessels, of which 25 are container vessels. Owning these three vessels will enable the Company to have better control over vessel operating costs and capacity.
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
Anwarsyah
9 January 2008