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NITC receives first of new generation tankers

NITC receives first of new generation tankers

Seoul: Independent tanker company NITC is taking delivery this month of a brand-new 317,000-dwt VLCC from Hyundai Heavy Industries (HHI), the world's largest shipbuilder. Named Hadi ('guide'), the flagship vessel is the first of a series of 17 double-hull tankers - 13 VLCCs and four suezmaxes - which NITC has on order at four of the leading shipyards in Korea. Others are building at Hyundai Samho Heavy Industries (HSHI), Daewoo Shipbuilding & Marine Engineering (DSME) and Samsung Heavy Industries (SHI), for delivery by 2009.

All the vessels share a common design, based on the best features of NITC's existing modern tankers, and incorporate higher technical specifications than the yard standard, thereby increasing their potential resale value by more than $10 m. each.

One NITC stipulation was a normal level, rather than sunken, poop deck to give more space and better ventilation in the engineroom, despite the extra steel costs involved. The vessels have an overall length 333.17mtr, a breadth of 60mtr, and a draft of 22.52mtr.

The Hadi has been registered under the Cyprus flag for ease of international operations and to allow stakeholders maximum security over the asset. Speaking at Maritime Cyprus in Limassol at the end of September, NITC chairman Mohammad Souri (pictured) said: "Cyprus is an established and reputable international business centre having one of the highest quality flags worldwide. It is our intention to register more vessels in Cyprus ... and we are confident the flag will continue to move forward in quality, fully in line with EU and IMO policy."  [29/10/07]

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