Roil Shipping enters into time charter agreement with Gasemas

ROIL Shipping, a wholly owned subsidiary of Rotary Engineering, announced on Monday that it has entered into a time charter agreement with Gasemas, in which Gasemas will charter a double hull oil tanker from Roil Shipping for S$15,000 per day for six months.

The charter agreement will commence from Aug 1, 2017, and entitled to a six-month renewal request, subject to 60 days prior notice. The double hull oil tanker with a cargo capacity of 123,000 cubic metres is named Roil Orchid and is registered under the flagship of Marshall Islands.

The value of the charter for the six-month period from Aug 1, 2017 to Jan 31, 2018 represents approximately 2.3 per cent of the group's latest audited net tangible assets for the financial year ended Dec 31, 2016 of S$160.4 million.

Gasemas is a company incorporated in Singapore primarily engaged in the wholesale of fuels and related products, with 50 per cent of its shareholding interest held by Oro Holdings.