Acquisition Of A Container Vessel
The Board of Directors of Samudera Shipping Line Ltd ("the Company") is pleased to announce that the Company has entered into a contract to acquire a container vessel ("the acquisition") with a purchase consideration of approximately US$13.6 Million. The acquisition will be financed through a combination of internal resources and bank borrowings.
The vessel, built in 2002, with a capacity of 1,054 TEUS (twenty-foot equivalent units), is expected to be delivered at the end of January 2011. The vessel had been part of the chartered fleet of the Company. Upon delivery, the Company intends to deploy the vessel on its Yangon service (YGX).
This will be the fourth container vessel to be owned by the Company and is in line with the Company's business strategy of gradually increasing its ratio of owned vessels.
The Group currently operates a total of 48 vessels, of which 27 are container vessels. Owning these four vessels will accord the Company a better control over vessel operating costs and capacity.
None of the directors or controlling shareholders of the Company has any interest, direct or indirect, in the above transaction.
By order of the Board
18 January 2011