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Subject:FrontMarine/Lemissoler Signing Ceremony for new, environmentally friendly ships.
Today, in the presence of his Excellency the Minister of ommunications and Works Mr.Tasos Mitsopoulos, contracts were signed for 4 environmentally friendly ships, to be built for the Cypriot ship owning company FrontMarine, in one of the leading privately owned Chinese shipyards.The 4 vessels with a DWT of 58,500 MT will be delivered to their new owners starting the middle of 2015. The revolutionary new hull design - without bulbous bow - assures that the vessels will have a substantial saving on fuel consumption. Also the emissions of CO2 and other greenhouse and toxic gases will be much lower than the latest international standards.

The ships will each have 4 cranes with a lifting capacity of 35 tons and will be classed by Germanischer Lloyd (GL). As per the contract FrontMarine has the option to purchase another 4 vessels by the end of this year. Mr. Philippos Philis, CEO of Lemissoler Navigation and Director of FrontMarine, opened the meeting with the remark that today's ceremony truly shows how shipping connects the globe, since the ships will be built in China and funded with capital from Europe and the US. He then explained that these four new bulk carriers are an excellent example of how shipping is adapting to the demands of today's environment. Finally he dedicated the ceremony to his late friend and co-initiator, John Constantinou.

The Minister of Communications and Works, Mr. Tasos Mitsopoulos mentioned that four new vessels is nothing special for the world, but that it is very important for Cyprus and he added the wish that we may celebrate many such signing ceremonies on the island. He called shipping our best kept secret that will help to get the islands economy going again and confirmed the governments' commitment to a sustainable maritime sector. Mr. Costas E. Lanitis, Chairman of FrontMarine, finally mentioned the quality and high standards of administrative, financial and legal professionals in Cyprus and how they contribute to a beneficial climate for shipping
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