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Novoship orders Jiangsu suezmaxes

Shanghai: Novoship has signed a contract with China's Jiangsu Rongsheng Heavy Industries Group Co for a series of suezmax tankers of 156,000dwt each, to be delivered in 2009. A company source is reported in the Russian press as saying the deal covers four vessels. The move follows a Frontline contract in July with the same yard for two 153,000dwt suezmaxes. Novoship has been absent from the suezmax market since 2005, when the company was forced to sell its last two tankers of that size in order to buy out 17.5% of its shares from the Akropol Bank. The newbuildings are believed to be destined to serve the Novorossiysk - Burgas - Alexandropoulos pipeline but the company is also planning to increase its shipments from Murmansk and other Baltic ports. Speculation persists that the company is to be combined with Sovcomflot.  [13/09/06]

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