Oslo-based I.M. Skaugen (IMSK) recently took delivery of a second pressurized 3.200 m3 LPG carrier, named ?Qin Shi Huang? which has been fixed on a 12 months time charter contract. This follows the $14.8 million sale of a sister ship, ?Mei Wen Ti? which was delivered during the first quarter this year.
Both vessels were built by IMSK?s wholly owned division, Skaugen Marine Construction (SMC) in China. The latest delivery, ?Qin Shi Huang? had an actual cost of $7.6 mill (excl of customary pre-delivery expenses for owner) and will sail under the flag of Singapore and will be operated by Norgas Carriers in Singapore and Shanghai. SMC has one more 3,200 m3 LPG carrier under construction and she is expected for delivery in early 2008.
These newbuildings are constructed to highest quality at expected cost and with timely delivery by SMC and with IMSK?s alliance and Joint Venture partners, to a cost significantly below of comparable industry prices. IMK has, therefore, proven the significant competitive advantage with this unique process of ship building within its industry.
IMSK created this new division in the autumn of 2006, Skaugen Marine Construction (SMC). Through SMC, IMSK has streamlined its marine construction activity in China for building of new gas carriers. With responsibility for all aspects of this programme including managing their Chinese joint venture partnerships, the work of SMC is key to the future financial and operational success of the Group. The two vessels delivered so far are part of a pioneering new building programme comprising of 16 vessels in total for delivery between now and 2010.
