Sumatec orders a couple of tankers

Sumatec Resources in Selangor, Malaysia, has ordered two 8,000 dwt double-hull product oil tanker from a Chinese shipyard for $11.6 million each. Sumatec said it had entered into a letter of intent (LOI) with Yangzhou Kejin Shipyard and Jiangsu Guotai International Group Textile for the purchase of the tankers to serve contracts from oil majors.

The first tanker will be delivered in December 2007 and the second in March 2008. Funding for both vessels is from internal sources and bank borrowings. The company added that it had received a letter of intent from a Malaysian oil company to charter both vessels for up to 10 years.