Tokyo: New Ocean Shipping Venture Limited, a 50-50 joint venture betwen Japan's Kawasaki Shipbuilding Corporation and Algerian energy group Sonatrach has secured a $96.35m loan for the construction of a 315,000m tonne VLCC. Construction on the $120m vessel began in February this year at China-based Nacks Shipyard (owned by Kawasaki and COSCO). The vessel is due for delivery by the end of December 2007.
Sonatrach presently operates a fleet of six lpg vessels, of which five were built by Kawasaki. The company believes that the newest vessel will "confirm its ambition to transport 35% of its exports with its own ships by 2010 and 50% by 2015." [17/07/07]
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