Newbuilding contract for a 6,500 ceu car carrier

Norwegian Car Carriers ASA has entered into a shipbuilding contract with Hyundai Heavy Industries Co., Ltd. ('HHI') for the construction of a large car carrier with a capacity of about 6,500 CEU for delivery in August 2012.

The project price including costs related to the purchase, financing and supervision of the construction of the vessel is about NOK 385 million, which will be financed by a bank facility of USD 46.2 million and by available liquid funds.
The contract includes an option for an identical vessel at the same contract price. This option must be declared within 30 June 2011.
HHI is one of the most experienced builders of large car carriers with a recognized modern design and high construction quality. The state of the art design of the vessel with a 150 ton ramp capacity and 4 hoistable cargo decks  allows for efficient transport of cars, commercial vehicles and "high and heavy" cargo.  The vessel will be among the most fuel efficient large car carriers, and her engines will meet all currently known future emission requirements.
"NOCC is pleased to have concluded a contract for delivery of a high quality car carrier at an attractive price and with an early delivery date. The car carrier market is expected to strengthen considerably over the next few years, and this investment is expected to contribute positively to NOCC's net profit as from delivery, " CEO Lars Solbakken said in a comment.