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SITC orders feeder boxship quartet for $34m apiece

SITC orders feeder boxship quartet for $34m apiece
Regional feeder line SITC firmed up an order for two 1,011-teu gearless container vessels from an unnamed Korean yard and exercised options for two more similar vessels for delivery in 2018 and 2019 respectively.

SITC said in a stock market announcement that each pair of vessels would cost $34m each, making up a cumulative of $68m for the whole order.

The initially contracted ships are due for delivery at the end of November and December 2018 respectively while the other two vessels under the exercised options are due for delivery at the end of February and April 2019 respectively.

Giving their rationale for the purchases, SITC's directors said: "The exercise of the options and the entering into of the new shipbuilding contracts is to expand the self-owned fleet of container vessels of the group to meet the group’s operational requirements." They added that the purchases were made at comparable market prices.

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