Grimaldi Orders Four From Fincantieri

Grimaldi Group Naples, through its companies Industria Armamento Meridionale (INARME) and Grimaldi Compagnia di Navigazione (GRINAVI) has ordered four ships from Fincantieri, with an option for a further two. The overall value of the order, excluding options, is approximately 360 million Euros.

INARME has ordered two cruise ferries for delivery in 2007 and GRINAVI two RoRo-pax ships, i.e. vessels to transport passengers, trailers and vehicles, for delivery in 2008. The Group also has an option for a further two ships for delivery in 2009. Grimaldi Group Naples and Fincantieri are linked by a long-standing tradition of cooperation. To this regard, Guido Grimaldi, Chairman of the Group, pointed out that, since 1987, Grimaldi has ordered 23 vessels from Fincantieri for wheeled cargo thus contributing to ensuring continuity of workload and employment to various Fincantieri shipyards, in particular in the South of Italy.

The main characteristics of the cruise ferries are: length 190 meters, maximum deadweight 7,500 tonnes, passenger capacity 2,000, passenger cabins 400, lane meters 2,600, maximum speed 28 knots.

The main characteristics of the RoRo-Pax vessels are: length 180 meters, maximum deadweight 7,500 tonnes, passenger capacity 1000, passenger cabins 100, lane meters 2,700, maximum speed 25 knots.

However, the agreement between Fincantieri and Grimaldi goes well beyond this substantial order. Indeed, the two companies intend to set up a fruitful cooperation aimed at developing new designs within the framework of which Fincantieri is set to become Grimaldi Group’s preferred shipyard. Within this perspective the companies are considering setting up joint programs to enable Grimaldi to maximize its operating and strategic targets and to enable Fincantieri – also by adopting new technologies and including new suppliers and products - to reach design and process economies. Moreover, Grimaldi is set to draw on the maintenance and repair services of Fincantieri’s shipyard at Palermo and of other shipyards, in Italy or abroad, which are able to work in synergy with the yard in Sicily.

With regard to the new orders, the Chairman of Grimaldi Group Naples, Guido Grimaldi, said “The new order placed with Fincantieri is part of the plan to upgrade and expand our fleet aimed at developing the concept of “highways of the sea” which our Group has made operational in recent years in the Mediterranean.

Technologically cutting edge and provided with a full range of comforts, the new ships ordered will enable our Group to offer our customers an increasingly sophisticated range of services”.