Does the shipbuilding contract signed in November 2025 between Ferry Holdings Limited and Guangzhou Shipyard International contain any conditions precedent that must be satisfied before construction of the vessels can begin, and if so, what are they and have they all been met?

Answer

Construction begins in 2027, after design is finalised which is well under way at present. We do wonder if the member recalls that, under iReX, Hyundai Mipo Dockyard had two years of design from signing in 2021 until vessel construction was scheduled to begin in 2023. This was delayed in 2023 (when the Labour Government was in power) to instead start in 2024, as the Government appeared to be wrestling with what to do about an extreme blow out in costs due to its own mismanagement.