The New Nation - Internet Edition

BUSINESS REPORT

A MoA has been signed on June 18 between Japanese company Messrs Tokyo Freighting and Highspeed Shipbuilding and Engineering Co Ltd of Bangladesh.

The MoA encompasses following major issues:

Highspeed Shipyard which has been building ships already will be expanded as per requirement of Japanese Class NK to build dry cargo vessels and tankers ranging in capacity from 2000 DWT to 5000DWT.

All design, marine package pertaining to the relevant vessels will be provided by Tokyo Freighting.

Highspeed Shipyard will build these vessels under constant supervision of a Japanese manager and vessels will be built under class.

All required capital machinery for the shipyard will be provided by Tokyo Freighting and will be paid for by Highspeed.

Shipyard development, as per the layout already approved, is now under process and expected to be completed by December 2008.

Building of vessels will begin from January 2009 and first four vessels in October, the remaining vessels will be delivered every six months.

The approximate cost of vessels shall vary from US$3.5 million to US$7.5 million each depending on size and category.