The cash will go on three reefer newbuildings inthe next three years, according to CEO Adriana Giudice.

SeeNews reported that Norwegian-owned Australexpects to win government approval for the vessels.

The $28m ships will replace seven non-refrigeratedcargo vessels.

The first could be delivered in 2015 froman unnamed Norwegian yard.

The second will be built by Peru’s AstillerosServicios Industriales de la Marina (SIMA).

A third contract has yet to be decided.

Austral