Page 18: of Maritime Reporter Magazine (July 1997)

standby vessels for Summer Wind

Navigation Inc. The vessels are scheduled for delivery during 1998 and 1999.

Morocco Invites Bids For $300 Million Port

Morocco is inviting five foreign consortiums to bid on a project to build a $300 million port in the northern city of Tangier.

The port which will be located about 12 miles south of Tangier, and will ease congestion in the existing port and create an infra- structure for external trade.

The site of the new port is on a deeper harbor area which will be able to accommodate ships of greater tonnage than the existing port.

IT Venture Launched

A.P. Moeller's Maersk Data unit will participate with Britain's

Cable and Wireless pic in a global

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Aging Tanker Fleet

Forces NITC Into

Ordering Mode

South Korea's Daewoo is first to benefit, with contract for five

Suezmax oil tankers

National Iranian Tanker

Company (NITC) is reportedly moving quickly to buy new oil tankers to replace its aging fleet.

NITC has awarded a contract — reportedly worth $300 million — to Daewoo Heavy Industries for five 158,000-ton Suezmax type oil tankers, and the state-owned company is expected to award a contract for five 100,000-ton

Aframax tankers in the next two months.

According to an NITC source, the first Daewoo-built tanker will arrive within 27 months, with the balance of the four delivered in 45-day increments.

In addition, NITC reportedly plans to purchase up to five oil product carriers and five VLCCs following the Aframax purchas- es.

NITC has scrapped 15 of its tankers in recent years, reduc- ing its own fleet to 11 crude tankers and nine product tankers. The reduced fleet has caused the organization to spend money to time charter vessels from the international spot mar- ket. NITC is responsible for exporting approximately 950,000 bpd of Iran's 2.6 million bpd crude exports on a delivered or charge, insurance and freight (cif) basis. It also time charters its own VLCCs in the spot mar- ket.

Iran is the world's third largest oil exporter behind Saudi

Arabia and Norway and is heav- ily reliant on the $18 billion a year that oil revenue brings to the country. Daewoo supplied

NITC with five 300,000-ton

VLCCs in 1996.

In addition, Daewoo has also won a total of $470 million in orders to build seven oil tankers.

A company statement said a $170 million order to build two 300,000-ton VLCCs was award- ed by Euronav Luxemburg S.A.

The carriers are scheduled to be delivered in the first half of 1999. 18 Maritime Reporter/Engineering News