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Article: United Arab Emirates: ADNOC signs contracts for 13 newbuilds.

Article from:
TendersInfo
Article date:
March 26, 2009
Copyright

Byline: manish03

Abu Dhabi National Oil Co. shipping subsidiary Abu Dhabi National Tanker Co. has signed contracts for the construction of 13 new ships for its fleet. All are scheduled for delivery by yearend 2011.

"ADNOC has signed shipbuilding contracts with Far Eastern shipyards for the vessels," said Ali Al Yabhouni, general manager of ADNTC. He did not specify the shipyards or the total cost of the orders.

In announcing the plans, Al Yabhouni said the firm believes that weak freight rates will persist only until third quarter, when a relatively stronger market is expected to emerge.

He said ADNOC plans to continue its investments, ...

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