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Fast-expanding Malaysian Bulk Carriers Berhad has reached an agreement with
Itochu Corporation (listed on the Tokyo Stock Exchange) to participate in a
joint venture to own and operate one of the four new double hull 35,000 dwt
product tanker is being built.
Both parties are expected to formalise the joint venture agreement by early
next year.
Novel Bright Assets Limited, a company incorporated in the British Virgin
Islands has been acquired for this purpose and will be restructured with 60
per cent owed by Lightwell Shipping Inc (wholly owned subsidiary of MBC) and
the remaining 40 per cent by Itochu or its nominee.
In a related development MBC has also entered into a joint venture with
Mitsui & Co Ltd to form Ambi Shipping to own and operate one of the four new
double hull 35,000 dwt product tankers now on order. |
