Sumatec Buys Two Tankers

Sumatec Resources Bhd has ordered two units of 8,000 dwt double-hull product oil tanker from a Chinese shipyard for $11.6 million each. In a statement to Bursa Malaysia on May 22, Sumatec said it had entered into a letter of intent (LOI) with Yangzhou Kejin Shipyard Co Ltd and Jiangsu Guotai International Group Textile Imp & Exp Co Ltd for the purchase of the tankers to serve contracts from oil majors.

The first tanker would be delivered by Dec 15, 2007 and the second would in March 2008. Funding for both vessels is from internal sources and bank borrowings. The company added that it had received a letter of intent from a Malaysian oil company to charter both vessels for up to 10 years. (Source: The Edge Daily)