Denmark: Tankers Inc Signs Newbuilding Contract for Two LR1 Vessels

After an extensive selection process, involving discussions with a number of different shipyards, Tankers Inc. has today signed its first newbuilding contract for two LR1 vessels of 75,000 DWT each to be built by Dalian Shipbuilding Industry Co., Ltd. (“DSIC”), in the Liaoning province, China. In addition, Tankers Inc. retains an option to declare a further two LR1 newbuildings to be determined at a later stage.

The newbuildings are highly fuel-efficient and are designed to save up to 25% bunker fuel costs when compared to other LR1 tonnage on the water (depending on actual speed performed). This corresponds to a significant daily fuel saving based on current bunker costs and will consequently make them highly competitive in their product tanker segment when they are delivered in 2013. “We at Tankers Inc. are very pleased with Dalian shipyard’s interest and flexibility in co-operating with our team in the design and construction of this economical LR1 vessel, designed to increase fuel efficiency. We look forward to continuing to build a close working relationship over the delivery period,” said CEO Mikael Skov.

About DSIC:

Dalian Shipbuilding Industry Co., Ltd. is located in the Liaoning province in China. It was established more than 110 years ago and is the fourth largest shipyard in the world. It is ultimately owned by the Chinese state and its immediate parent company is China Shipbuilding Industry Corporation (“CSIC”). DSIC has built more than 2,700 vessels across all segments and constructed its first export vessel in the mid-1980s. The product mix is extensive and includes 35,000 DWT to 110,000 DWT product tankers, Suezmax and VLCC crude carriers, Cape Size bulkers, container vessels and has recently also built off-shore production platforms.

About Tankers Inc.:

Tankers Inc. is a newly-formed shipping company focused on ownership and chartering of tonnage in the product tanker segment. The highly experienced team is led by CEO Mikael Skov.