We signed a new contract for a 16,500tdw type product carrier (S442) with NEXTAGE SHIPPING (a PETROSHIPS group company). The signing ceremony was held at Singapore, with attendance of three gentlemen from PETROSHIPS, namely Mr. Chan, Chairman, Mr. Teo, Director and Mr. Kee, Managing Director. Also present are Mr. Hasebe, President of Komaya Shipping (who helped us a lot to materialize the deal), Mrs. Joan from the ship's financier, and our Managing Directors, Mr. Okamoto and Mr. Ochi, and Mr. Yamada, our person in charge.

The ceremony was opened with a heart-warming speech of Mr. Chan, the head of PETROSHIPS group. Our Mr. Okamoto replied, expressing our determination to focus our every effort on the ship. The gentlemen then put their signature to the contract. It was really a nice ceremony, in an exceptionally amicable atmosphere.

What is more exceptional, however, is the fact that the ship's name had been already chosen. Usually name of a ship is decided just before her launching ceremony, and shipowners tend to put so much time into inventing a new name. But this was not the case, because everybody there knew that she would be named "PETRO COMBO". It is Mr. Chan's policy to choose a short, clear-cut name before signing of a newbuilding contract.

COMBO simply means "combination", explained Mr. Chan, but its implication is actually multiple. In fact, using this word, the Singaporean company hopes the vessel will "COMBO" the product carrier with the chemical carrier, and she will also "COMBO" PETROSHIP with Kyokuyo, as a local newspaper reported. We have taken this name to heart, because it represents their great expectation to the ship and the shipbuilder.

This contract marked our comeback to tanker sector after a decade of dry ships building. We are determined to once again prove ourselves so that the newbuilding ship can "COMBO" the shipowner with so many good cargo owners.