Sumatec building two tankers in China

The Malaysian company Sumatec Resources Bhd, through its wholly-owned subsidiary Semua Shipping Sdn Bhd, has entered into two shipbuilding contracts with Yangzhou Kejin Shipyard and Jiangsu Guotai International Group for the construction of two 8,000 dwt product oil tankers for $12 million each.

Delivery of the first vessel is expected in August 2008 while the second will be delivered in October 2008. A letter of intent for chartering both tankers has already been received from Malaysian oil major for up to 10 years.