March 28, 2005

World Navigation exercises options at ST Marine

Singapore Technologies Marine Ltd (ST Marine), has signed contracts for two feeder container vessels worth approximately Singapore $85 million (about US $51.7 million). These two vessels are options provided for in a contract with Shreyas World Navigation Pte Ltd announced on January 27, 2005.

The first vessel is for Orient Express Lines, Inc., Dubai, and the second vessel for Shreyas Shipping Limited, India. Shreyas World Navigation, Orient Express Lines and Shreyas Shipping belong to the Transworld Group of Companies.

ST Marine now has four feeder container vessels, worth approximately Singapore $168 million, on order for Transworld Group.

The ships are a11 1,030 TEU vessels measuring 148 m in length and designed to carry 700 TEU of 14 tonnes homogeneous containers. At a design draft of 7.3 m, the vessels are capable of achieving a speed of 19 knots. The vessels will each be fitted with two cargo cranes along the center line to suit loading and offloading requirements at different ports of call.

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