Under the terms of the LOI, the shipping operating company, whose identity is not disclosed yet, will make an initial order for two 3,700 TEU containerships and receive options to order two additional sister ships.

It is intended that these vessels will service trade between the U.S. West Coast and Hawaii.

PSI has already begun construction of the vessels contemplated by the LOI. These vessels are the continuation of the series of two similar 3,600 TEU "Aloha Class" containerships currently under construction at PSI for the Hawaii trade-lane.

The transaction is subject to agreement by the parties on definitive documents and fulfillment of certain closing conditions. The LOI provides for a period of exclusivity to negotiate and complete this transaction.