Bermuda has signed a contract for the construction of a 350-passenger high speed ferry for a new Hamilton to St. George's route.

The 124-foot-long vessel, which is being built by Derecktor Shipyards in Bridgeport, Connecticut, will have a a top speed of 33 knots (38 mph) and will be ready for service next June, according to a story in yesterday's Connecticut Post.

But neither Derecktor nor Government would reveal the cost of the new fast ferry ? the Island's fifth ? to the newspapers. Transport Ministry officials could not be reached for comment yesterday.

Marine and Ports Director Barry Coupland said Bermuda selected Derecktor because it had "the best boat, best price and best delivery," according to a news release published in .

The last two catamaran ferries purchased in 2002/2003 came in at $2.5 million.

Earlier this year Tourism and Transport Minister, Ewart Brown pushed for a fifth fast ferry to offer additional service to the East End of the Island. The 2005/2006 budget set aside $2.8 million for new ferries, but it was not clear how much of this funding was intended for the fifith ferry.

And earlier this year, Dr. Brown said the new ferry, capable of carrying up to 300 passengers, was being funded out of savings made by the Ministry of Tourism and Transport.

Gavin Higgins, Derecktor's chief operating officer, said the company was pleased that Bermuda, which has extensive experience operating high-speed ferries, chose Derecktor.

Four diesel engines and four water jets will power the ferry, which will feature a food service area and outdoor and indoor seating and will be accessible to people with disabilities.