Hong Kong Tycoons See Buoyant Market For Bulk Carriers

The Hong Kong Trade Development Council reports that two of Hong Kong's biggest shipping tycoons, Sir Y.K. Pao, the head of the World-Wide Shipping Group, and C.H. Tung, the chairman of Orient Overseas Container (Holdings) and son of shipping magnate C.Y. Tung, both see the large demand for bulk carriers continuing, while demand for containerships will be affected not only by the excess tonnage but also by the recession in the major countries.

To underscore this conclusion, World-Wide recently signed a letter of intent with the Minister of China's Sixth Ministry of Machine Building and chairman of the China Corporation of Shipbuilding Industry (CCSI) to purchase the following six vessels to be built by CCSI: two Panamax bulk carriers of about 62,700 dwt each; two geared bulk carriers of about 36,200 dwt each, built with loading and unloading equipment; and two "lakes fitted" geared carriers of about 27,000 dwt each, which will be equipped for operation in big lakes. The cost is estimated at $100 million and marks the first time a major order has been made for China-built ships from a Hong Kong concern.

Other stories from July 1980 issue


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First published in 1881 Maritime Reporter is the world's largest audited circulation publication serving the global maritime industry.