Newbuilding Program

All ten newbuildings have long-term time charters in place from delivery.

The seven 50,000 dwt vessels under construction at Guangzhou Shipyard International are chartered to Trafigura for a firm period of seven years, with four further one-year extension options at the charterer’s option. The firm charter period expires in 2035 for the two vessels scheduled for delivery in 2028, and in 2036 for the five scheduled for 2029.

The three 50,000 dwt vessels under construction at Hyundai Vinashin are chartered to BP for a firm period of five years, with one further one-year extension option at the charterer’s option. The firm charter period for all three vessels expires in 2034.

All newbuildings will be registered under the Marshall Islands flag. Extension options are exercisable at the charterer’s discretion and are shown separately from the firm period in the Fleet & Charter Coverage section.

The newbuilding program is consistent with the Company’s strategy of growing its fleet through the acquisition of newbuilding, resale or secondhand vessels of superior ECO design.