From November to March, the vessel will be time chartered for service in the Caribbean.

The Auto Express will carry 450 passengers and 96 cars, or 48 cars and four coaches, travelling at a speed of 37 knots.

It will complete the 45 nautical mile journey in 90 minutes.

The contract is the result of almost two years of negotiations and was made possible by funding from EFIC, the Australian Export Finance Insurance Corp.

'During the recent negotiations, Austal was very aware of the tragic accident involving the conventional Baltic ferry Estonia,' said Jonh Rothwell, managing director of Austal Ships.

'As a result, Austal's design team, in co-operation with Hebrides' marine consultants, re-evaluated all of the safety features of the 59-metre Auto Express design, he said.

'We are confident that the catamaran concept has a number of inherent safety advantages when compared with a conventional monohull vessel.' Mr Rothwell said catamarans had significant reserves of stability and, furthermore, the car decks were located high above the waterline on the bridge deck structure between the hulls.

'It is highly unlikely that such a car deck could become flooded and if it did, it would not adversely effect stability, with any entrained water simply flowing overboard,' he said.

Stability of the vessel and passenger comfort will be further enhanced by the installation of the fully computerised Ocean Leveller stabilising system.

The system was developed by Austal in conjunction with the Australian Maritime Engineering Co-operative Research Centre, and greatly reduces a vessel's vertical motion in rough sea conditions.

As a result of the reduction in motion, sea sickness is almost eliminated and a safer journey is ensured.

Production of the vessel is due to commence this month at Austal's new $18 million shipbuilding facilities on the Jervoise Bay waterfront, and will be delivered in November next year.

Enn Rohula, a director of Eminre, said: 'Although we have continually updated the hydrofoils currently operated by TalkinkExpress, we are confident the Auto Express represents the optimal vessel for the Helsinki-Tallin route, and that it will allow us to maintain our position as the number one carrier in this increasingly competitive service.' He said the ability to carry cars and buses provides TalkinkExpress with a unique capability in one of the fastest growing segments on the route.

The vessel's overall length will be 59.9 metres, moulded beam 17 metres, moulded depth 5.5 metres, and maximum hull draft of two metres.

Propulsion will be by a pair of the latest V20 MTU 1163 engines, each developing 6,500 kilowatt and driving KaMeWa waterjets through Reintjes gearboxes.