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$11 Million. The acquisition will be financed through a combination of internal resources and bank borrowings.
The vessel, built in 1999, with a capacity of 1,054 TEUS (twenty-foot equivalent units), is expected to be delivered at the end of March 2011. The vessel has been part of the chartered fleet of the Company prior to the acquisition. Upon delivery, the vessel will continue to serve her usual service routes - Malaysia - Singapore Express (MSX) and Bangkok Express (BKX) route.
This will be the second container vessel acquired by the Company in the first quarter of 2011 and is in line with the Company's business strategy of gradually increasing its proportion of owned vessels. This will enable the Company to have more control over vessel operating cost 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
Hermawan F Herman
8 March 2011