NCC continues fleet expansion programme

19 December 2003
South Korea's Hyundai Mipo Dockyardhas signed a SR 250 million ($67 million) contract with the local National Chemical Carriers (NCC)for the construction of two new carriers. The deal takes to six the number of vessels purchased from Hyundai by NCC in 2003. A similar agreement was signed in October (MEED 17:10:03).

Each of the two new carriers will be 183 metres long, 32.2 metres wide and have capacity of 64,200 dwt. Delivery, scheduled for 2005/06, will take NCC's fleet to 18 vessels with total capacity of 630,000 dwt.

The expansion of the NCC fleet will primarily serve the export requirements of Saudi Basic Industries Corporation (Sabic), which has a 20 per cent stake in the company.

At the same time as the Hyundai contract was signed, NCC agreed a new chartering arrangement with Sabic for four of the new vessels.

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