Dockwise Adds New MV Triumph Vessel to Fleet

Following the delivery of MV Treasure in June 2008, the fifth vessel out of a series of six, MV Triumph, now joins the fleet of Dockwise Transport, a wholly owned subsidiary of Dockwise Ltd. As was the case with the earlier four, this vessel is in accordance with the delivery schedule.

The remaining converted tanker TRUSTEE will be delivered at the end of this month. With the addition of six vessels to the fleet, Dockwise is able to optimize strategic deployment of the 22-vessel fleet to best serve the various markets.

After successfully completing the submerging test and sea trials, MV Triumph has been delivered to the owners on December 16, 2008. The heavy transport vessel is designed to transport complex, high-value cargo like jackup drilling units and has a carrying capacity in excess of 35,000 tons. Triumph will load its first cargo in Singapore.

This vessel was converted at the COSCO shipyard at Guangzhou, China. During the conversion, the entire midship section has been replaced and machinery and equipment were fully revised and renewed.

The conversion of Triumph forms part of Dockwise's US $220 million Capital expenditure program for 2008. This program can be completed from operating cashflows. Remaining payments relating to the conversion of Triumph are approximately US $23 million. From 2009 Capital expenditure will return to maintenance levels of some US $50 million per annum.

To ensure the most effective way of operating the vessel, Dockwise has appointed Anglo-Eastern Ship Management to provide technical and crew management. As such, the new vessels will operate under the same management systems as the existing Dockwise vessels.