Fesco signs for three boxships

Fesco signs for three boxships

Far Eastern Shipping Co. (Fesco) said it has signed a contract for two 1,730-TEU ships with Poland's Szczecin shipyard, with an option for a third. No terms were disclosed.

The first two vessels are slated to be deployed in Fesco's fleet in late 2007, what with the third ship arriving in late 2008.

The Russian carrier said it is also studying a possible purchase of two bulk carriers on the market, to boost its services in that sector.

Fesco plans to spend $40-50 million in 2004 to upgrade its fleet, and $200 million over the next four years.