The four vessels with a DWT of 58,500 tonnes will employ a new hull design - without bulbous bow - assuring that the vessels will have a substantial saving on fuel consumption. Also, the emissions of CO2 and other greenhouse and toxic gases will be much lower than the latest international standards. The ships will each have four cranes with a lifting capacity of 35 tons and will be classed by Germanischer Lloyd (GL). As per the contract FrontMarine has the option to purchase another four vessels by the end of this year. Signing the purchase agreement were Costas E. Lanitis (Chairman of FrontMarine) and Liu Haijin, in the presence of Philippos Philis, CEO of Lemissoler Navigation and Director of FrontMarine, and Tasos Mitsopoulos, the Cyprus Minister of Communications, in charge of the Department of Merchant Shipping.

Lemissoler’s CEO Philis said the contract signing ceremony in Limassol “shows how shipping connects the globe, since the ships will be built in China and funded with capital from Europe and the U.S.,” adding that “these four new bulk carriers are an excellent example of how shipping is adapting to the demands of today's environment.” Philis dedicated the ceremony to his late friend and co-initiator, John Constantinou.

FrontMarine chairman Costas Lanitis praised the quality and high standards of administrative, financial and legal professionals in Cyprus and how they contribute to a beneficial climate for shipping, making it an important contributor to the island’s economy. Minister Mitsopoulos said that four new vessels is nothing special for the world, but that it is very important for Cyprus and he added the wish that we may celebrate many such signing ceremonies on the island. He called shipping “our best kept secret” that will help to get the island’s economy going again and confirmed the governments' commitment to a sustainable maritime sector.

Mitsopoulos said that “when these vessels are put in service, hopefully under the Cyprus flag, they will contribute to the efforts of our government, and many others around the world, for the development and expansion of a sustainable maritime transport system.” He noted that “latest figures prove that shipping is worth more to the global economy than aviation and rail, meaning that the world economy cannot do without it, the European Union economy cannot do without it and thus the Cyprus economy cannot do without it.”

The Cyprus shipping register represents nearly 12% of the EU registry and one quarter of the world’s ship management is represented by Cyprus. The Cyprus ship registry today ranks tenth among international fleets and third in the EU. Cyprus is also a major ship management centre worldwide, with approximately 60 ship management companies operating on the island.

Source: Financial Mirror