A signing ceremony will be held at the Regency Hotel in Douglas tomorrow in connection with time-charters of two Handymax bulk carriers of 58,000 tonnes, which are being built in China for delivery in November and December.

The vessels will be owned by LT Ugland Bulk Limited in Cayman and operated by LT Ugland Bulk (IOM) Limited in the Isle of Man. The charters are for five years from delivery to two different Danish Shipowners, Atlas Shipping A/S and Lauritzen Bulkers A/S, both of which are well known in the shipping industry.

One of the ships is being called the Geraldine Manx, after the wife of Lars Ugland and the other the Atlas Manx.

A statement from LT Ugland Bulk (IOM) says: 'The signing of these two charters represents the foundation for this company to remain on this Island for a long time to come. The company will need to take on more staff closer to delivery of the vessels.'

Present at the signing will be representatives from the shipping register, the Manx Goverment and shipping companies, along with directors of LT Ugland Bulk (IOM) Ltd.

(Image: Stock picture of a Handymax bulk carrier).