Release Date:
Release ID: 1417

Wilson contract for new buildings made effective

Wilson is a short sea company working hand in hand with major players within the Norwegian and Europen industry. With over 60 years of experience at sea,we certainly can say that we know our trade.

Press Release

Today the Wilson fleet consists of about 110 vessels, ranging from 1.500 - 10.000 dwt, whereof about 75 are owned by the Wilson group.The number of owned vessels in our fleet place us among the largest shipping operators within the European short sea segment.

Wilson`s contract with the Chinese yard Shandong Baibuting Shipbuilding Co Ltd (Rong Cheng, Kina) for the building of a series of 8 bulk vessels of 4.500 dwt has been made effective today.

In line with the company`s stated objective of growth and as announced previously the company has negotiated with the Chinese yard Baibuting Shipbuilding Co Ltd (Rong Cheng, Kina) regarding the building of 8 bulk vessels of 4.500 dwt. The various reservations have now been lifted by both parties, hereunder are mutual guarantees in place, and the contract is thereby made effective. The first instalment to the yard shall be settled during the next days.

The 8 vessels will be delivered as from the middle of 2010 until the beginning of 2012. The contract involves a split payment in USD (60%) and EUR (40%) and based on today`s rates of exchange means a cost price of around MEUR 7,0 (MUSD 11,0) per vessel. The capital requirements is planned financed out of own capital and long term bank financing.

Wilson presently operates a fleet of 108 ships whereof 50 of these are in the segment 3.500-4.500 dwt.


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