Sea Container Affiliate Signs Letter Of Intent For Four Containerships

Sea Containers Atlantic Ltd., the Bermuda affiliate of Sea Containers Inc., One World Trade Center, New York, N.Y. 10048, has announced the signing of a letter of intent with Nippon Kokan K.K., Japan, for the construction of four large containerships. The proposed vessels will each have a capacity of 2,000 twentyfoot container equivalents. The reported cost per vessel is $34 million.

Sea Containers, headed by James B. Sherwood, is an orga- nization which has centered mainly on container leasing and the chartering out of relatively small feeder ships. The company's fleet now numbers some 27 vessels, all of which are on extended charter employment.

Delivery of the vessels under the tentative arrangement has not been established. The size of the projected vessels indicates that Sea Containers, hitherto concentrating on short-haul containership activities, now contemplates entering long-haul deepsea operations.

Sea Containers was formed in 1965, initially specializing in the leasing of containers and handling equipment.

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