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08 February 2011

Plans for ship building

Article from Naftemporiki, Saturday 29 January 2011

NEL is planning a new increase in share capital, while its ten-year plan includes building of six vessels.

More specifically, replying to a relevant letter of the Capital Market Committee, the company mentions that NEL’s investment plans for the next decade include the building of new vessels, in order to cover the barren lines, an investment for which the company has conventional obligation.

The company notes that the vessels have not been ordered, nor have they yet decided on the final number of the vessels – those decisions depend on various factors including exogenous factors, such as receiving financing etc, however they add that there is an estimation for acquiring six new-build vessels, with building cost of 60.000.000 Euros per vessel.

More specifically, KNUD E. HANSEN has been assigned the design of vessels for selecting the best design.

Moreover, NEL is also examining the possibility to extend its aim, and expand its activities in new sectors, such as tourism, renewable energy sources, and the foundation of a conference centre in Mytilini.

Within this context, they aim to expand their lines to Turkey and, initially, NEL is undertaking the management of the vessel “Konstantine Γ”, which used to run the connection line of Lesvos with the Asia Minor coast across.

Translation from: Naftemporiki, Greece

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