A unit of Chelsea Logistics and Infrastructure Holdings has entered not a 20-year bareboat charter agreement with Kumiai Senpaku Co. Ltd., one of the largest independent shipping companies in Japan.
Under the deal, Kumiai will finance the construction of Starlite Ferries Inc.’s new passenger vessel, targeted for delivery in April 2020.
The S-1191 vessel will be built by Kegoya Dock Co. Ltd. at its shipyard in Hiroshima, Japan.
Starlite, a subsidiary of Chelsea, is obligated to purchase the vessel at the end of the 20-year charter period.
“Our new strategic partnership with Kumiai underscores our long standing and ongoing commitment to shipping modernization, becoming the country’s prime mover of vital goods, cargoes and people. We look to Kumiai as a leader in Japan’s shipping industry, whose excellence can bring our local shipping industry to global standards,” said Chelsea president & CEO Chryss Alfonsus V. Damuy.
Chelsea is the listed transport and logistics company of Davao-based businessman Dennis Uy.
