SITC gets contract to build two container vessels

SITC International's subsidiary has penned a shipbuilding contract with Yangfan Group to construct two container vessels for a consideration of $36.2m, with an option for six more. The container vessel to be built is 1,100 teu class gearless vessel with 11,850 dwt tonnes. Delivery of the vessels is slated by 30 June 2012. SITC Development has an option for six additional vessels exercisable at any time over the second-half of this year. “The construction will enable the company to expand its self-owned fleet of container vessels to meet the increase in demand for the company's services,” said Yang Shaopeng, chairman of SITC International.