James Fisher?s latest launched in Korea

James Fisher & Sons plc, one of the UK?s leading marine services providers, has launched a new tanker, the Cumbrian Fisher, at the Samho Shipbuilding Company in Korea. The vessel, a clean product/chemical carrier, will go on sea trials in September for delivery towards the end of the year. A sister ship is also under construction at the same yard for delivery early in 2005.

The Cumbrian Fisher will enter service with James Fisher Tankships and is one of four ships currently under construction as part of the ongoing fleet development giving the shipping company the most modern fleet in its market. In addition to these two 12,800 dwt vessels, the Cumbrian Fisher and a sister ship, two new 4,000 dwt vessels are planned.

The Company?s intention is to replace smaller and older ships by bareboat charters in line with its commitment to develop further the fleet at minimal capital cost. This strategy has greatly benfitted from the Tonnage Tax regime which removes the need for ship purchases to enable an operator to benefit from capital allowances.

The average age of James Fisher?s fleet is already lower than that of its main competitors but the Company intends to maintain this advantage and build a modern fleet that will establish market leadership in the UK.