SITC orders four 1100TEU ships from Yangfan Group

On November 24, 2010, SITC International Holdings Company Limited announces it signed contracts to commission Yangfan Group Co. Ltd. to construct 4 container vessels for an aggregate consideration of US$72.40 million as part of the effort to expand its fleet.

To meet with the Company rapid business expansion and the increasing market demand for its transportation and logistics services, SITC International has signed two batches of shipbuilding contracts since it became a listed company. Together with this latest batch of contracts just signed in Shanghai, the Company has commissioned construction of 7 container vessels at a total consideration of US$129.7 million, which will be financed by part of the proceeds from the Global Offering.

On the top of these, the Company has also entered into contracts that allow for it options to construct of four additional 1,100-TEU-class gearless container vessels with DWT of 11,850 tons at a total consideration of US$72.40 million. The options for two of the vessels are exercisable at any time before 30 June 2011 and the options for the remaining two vessels are exercisable at any time before 30 August 2011.

On 17 November, the Company signed shipbuilding contracts with the Korea shipyard Dae Sun Shipbuilding & Engineering Co., Ltd., to construct 3 container vessels for a total consideration of US$57.30 million. The Company signed today contracts to commission Yangfan Group Co. Ltd. to construct 4 container vessels for US$72.40 million in aggregate.<Korea Shipping Gazette>