Radio Holland signs contract with Thome

Singapore

SINGAPORE, August 26, 2015 – Radio Holland, a vessel maintenance company based in Singapore, has signed a managed service agreement – or MSA – with Singapore’s Thome Ship Management.

The deal covers nine oil tankers over a four-year period. Ships under contract range from 45,000 to 50,000 dead-weight tonnes. Under the agreement, Radio Holland will maintain marine electronics such as navigation, communication, automation and IT equipment. The company will perform annual radio surveys and provide on-call troubleshooting services, including the delivery of spare parts directly to vessels.

Radio Holland was awarded a contract from Singapore’s BW Fleet Management in June. The two-year service agreement covers navigation and communication equipment service as well as remote support for 13 LNG carriers.

Due to a flood of new LNG vessels being built in Asian shipyards, daily charter rates for the ships have collapsed in the last two years. LNG carriers now fetch around $30,000 per day, compared to nearly $130,000 in mid-2013. In response, some tanker owners have been marketing groups of vessels in spot-charter deals to reduce operating costs.

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