Navantia and Maritime Transport Ondimar LDA (shipping company Ibaizabal Group) today ratified the contracts signed in late June and the financial structure for the construction of 4 Suezmax tankers, expandable to two. 4 boats will involve 3 million hours of work for Navantia and the auxiliary industry of shipyards in the Bay of Cadiz and Ferrol estuary.
The ships will be built in Spain at international market price for this type of vessel, giving stability to the workload of Navantia, promoting job creation and the national industry. The contracts represent a return to profitability for the company to build oil after nearly two decades without making this type of vessel.
Navantia President Jose Manuel Revuelta, and President of the Ibaizabal Group, Alejandro Aznar, attended today the ratification of these agreements, signed on June 30, and now are confirmed after having passed the approval of the respective boards .
The start of construction of the ships will take place in the fourth quarter of this year and the first to be delivered in late 2017. On March 9 a letter of intent was signed expressing the will of both parties to reach a full agreement The construction of these boats, both in their technical specifications, and price. Subsequently, in May, an agreement in principle to sign the agreement during the month of June was reached, as it was done on the 30th.
The construction of each ship will around 725,000 hours, which means that for the first 4 volumes workforce will be about 3 million hours of work for the shipyard Navantia in the Bay of Cadiz and the Ria de Ferrol and ancillary businesses.
Winning contracts to build these ships in the global market, it is marked by the price and term, assuming that quality is required by the regulations and ship classification societies. Navantia drives this business model to compete in the global market by offering a competitive price and adequate time to customer needs.
To achieve this contract, Navantia has reached an agreement with DSEC, Daewoo Engineering Division, which brings its experience in building such vessels, a well-established design, and avoids the risks associated with starting a new project.
