JES Secures US$247.5 Million Shipbuilding Orders From Atlantska of Croatia and Pertamina of Indonesia
23 June 2008
The Directors of JES International Holdings Limited (“JES”) would like to announce that it has
secured orders from Atlantska Plovidba (“Atlantska”), a Croatian shipping firm, to build four
79,800 deadweight tonnes (“DWT”) Panamax bulk carriers for US$45 million each and an order
from Indonesia’s state-owned oil company PT Pertamina (“Pertamina”) to build a 85,000 long
tonne deadweight (“LTDW”) Aframax crude oil tanker for US$67.5 million.
The total value of these contracts from these repeat customers is US$247.5 million, bringing the
value of JES’s new orders secured to-date in 2008 to US$407.5 million.
JES has received an initial deposit totalling US$54 million or 30% of the value of the contracts
from Atlantska, which had previously ordered two other similar vessels. At US$45 million each,
the vessel price is approximately 20% higher than each of the two previous orders from
Atlantska.
JES has also received an initial US$12.4 million deposit or 18% of the value of the contract from
Pertamina and the newbuild is the third oil tanker that JES is building for Pertamina. At US$67.5
million, the newbuild contract price is approximately 10% higher than each of the two previous
orders from Pertamina.
JES will construct the latest Pertamina newbuild at its new yard at Shiwei Port, Jingjiang City, in
Jiangsu province, PRC. The Atlantska newbuilds will be constructed at its current yard.
JES on 20 May 2008 announced that it had secured contracts for two 175,800 DWT bulk
carriers from a Greek shipping customer worth a combined US$160 million, to be built at its new
yard.
JES’s order book as at 31 March 2008 stood at approximately US$1.13 billion*.
*Our order book as of any date represents the total stated contract value of orders in respect of
contracts that have become effective, but which have not been completed, less the portion of
revenue in respect of those orders that we have recognised using the percentage-of-completion
method.
The Directors of the Company (including any who may have delegated detailed supervision of
this announcement) have taken all reasonable care to ensure that the facts stated in this
announcement are fair and accurate and that no materials facts have been omitted from this
announcement, and they jointly and severally accept responsibility accordingly.
JES International Holdings Limited
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