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THE Magsaysay Group of Companies is buying three double-hull vessels
to meet rules set by the International Maritime Organization (IMO),
a Sumilon Island Tankers Inc. official said.
In a statement, Doris Magsaysay Ho, Sumilon
Tankers president, said the group is spending $23 million to comply
with the new requirements, as it bought a new 3,800-deadweight ton
double-hull tanker costing $10 million, and converted to double hull
another vessel at a cost of $5 million.
Magsaysay-Ho said the company is also spending
$8 million for the construction of the third double hull vessel in
Batangas.
The group is pursuing its re-fleeting in line
with the regulations of the IMO requiring all tankers carrying black
petroleum products to be double-hulled starting April next year.
Sumilon Tankers and Metropolitan Bank and Trust
Co. recently signed a $9.54-million seven-year term loan agreement
which will be used to finance the acquisition and construction of a
new double-hulled tanker.
“Our goal is to improve the standard of
shipping and not many bankers know the industry,” Magsaysay Ho
said. Sumilon Island Tankers claims to be the largest manning
company in the country.
-- Chino S. Leyco
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