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January 19, 2009

MISC cuts eight ship order to four

Malaysia's MISC Berhad today issued a stock exchange statement saying that, "following amicable negotiations" with Korea's SLS Shipbuilding Co. Ltd., the two had have mutually agreed to "revise" an order for eight 45,000 dwt chemical tankers down to four vessels.

MISC says that the agreement was reached to "the benefit of both parties," but did not disclose what it will be paying for the surviving four ships. When the order was placed in June 2007, the price for the eight ships was $430 million.

MISC was able to obtain early berth positions from SLS with the vessels set for delivery in 2009 and 2010.

At the time the order was placed, Malaysia's palm oil exports were rising and MISC was looking to expand its palm oil transportation capabilities.


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