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| Date: | 19-Sep-2005 |
| Title: | Graig cuts Indian Diamonds |
| Graig cuts Indian Diamonds The Graig Group has extended its successful series of new design Diamond 53 double-hull 53,000 dwt handymax bulkers into India. Working with Indian trading company Goodearth Maritime Ltd (GML), Graig will provide the vessel design, brokerage, yard supervision, procurement and yard consultancy services for a series of six firm orders plus three options for Diamond 53s to be built at the Hindustan Shipyard Ltd, Visakhapatnam. The first vessel will be delivered to GML in 2007. Hugh Williams, ceo of Graig, says, “This expansion of the Diamond concept into India brings together India’s premier shipyard, the commercial strength of the Goodearth group and Graig’s proven ability to deliver good ships at prompt dates while helping yards to upgrade. These orders bring the number of Diamond 53s ordered in China, Vietnam and now India to thirty-five. The first three have been delivered and are exceeding performance expectations. Our technical teams will be working closely with Hindustan Shipyard to ensure that India can now join China and Vietnam in bringing the benefits of this unique and innovative design to more owners and charterers.” Sundararajan Madhan, managing director of Goodearth Maritime Ltd, says, “As a part of broad-based trading group and as a ship owner flying the Indian flag we have substantial need for high quality bulk tonnage both for the group as well as national bulk cargo requirements. Working with Graig we can benefit from the most modern design bulk carrier in the market. It is a win-win situation and we hope to expand our co-operation to further vessel types suitable for the Indian market.” The Graig/Carl Bro designed Diamond 53 handymax vessels are double-hull, geared, highly flexible and designed with the future in mind, and will be the robust workhorses of the handymax market. Goodearth Maritime Ltd is an aggressive upcoming shipping company in India which has taken major strides into the new building market by placing orders for the six Diamond 53 plus four handysize bulkers at Hindustan Shipyard Ltd. The company owns and operates five bulk carriers very profitably, having acquired them at low values prior to the shipping boom. The company is part of large trading group with annual turnover of over USD 200 Million. The Graig Group is a broad-based international shipowning and shipping services group which provides innovative solutions for newbuilding supervision, ship management, ship design, ship owning and ship finance. Working from offices in Cardiff, Shanghai, Hamburg and Hanoi it is currently building ships for itself and other owners and operators at yards in China, Vietnam and India and managing an active portfolio of modern vessels. |
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