Page 16: of Maritime Reporter Magazine (April 1993)

Sinotrans To Expand Fleet

With Four New Box Ships

Hong Kong-based China National

Foreign Trade Transport Corp., or

Sinotrans, one of China's oldest transport firms, is currently plan- ning to expand its fleet, which con- sists of some 90 bulk carriers, containerships and tramps with four new 2,500-TEU containerships.

Two of the ships will be built in

Germany this year with the assis- tance of unspecified German loans, and a letter-of-intent has been signed for two more vessels in South Korea, which will receive financial assis- tance from $300 million in Japanese loans.

Last year the European Commis- sion (EC) declared that the 25 per- cent government credit that Ger- man yards were receiving to cover three boxships for flag-carrier China

Ocean Shipping Company (Cosco) was market-distorting.

The EC ruled that the aid was a direct subsidy to the shipyards, rather than development assistance to China, and added that Cosco didn't need the financial assistance even if it were legal.

In addition to the 2.5-million-dwt aggregate capacity Sinotrans-owned fleet, the company also leases a num- ber of other ships, of varying sizes and type, each year.

It handled a total of 60 million metric tons of cargo last year, sec- ond only to Cosco.

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SETTING NEW STANDARDS IN SAFETY,

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Leif Hoegh Close To

Completing Tanker Unit

Spin-off Into Subsidiary

In a move designed to insulate the parent company from liability claims in the U.S., the Norwegian shipping group Leif Hoegh & Com- pany A/S is about to complete the spin-off of its tanker operations into a separate subsidiary called Bona

Shipholding Ltd., a Bermuda-regis- tered company.

Bona-Shipholding is now opera- tive and the Leif Hoegh fleet of oil/ bulk/ore combination carriers are to be transferred to the new company.

As part of the changeover, two tanker-newbuilding contracts with

Mitsui Engineering and Shipbuild- ing Company have been transferred to Bona Shipholding.

The move was undertaken by Leif

Hoegh, which operates car carriers and container/bulk ships as well as oil carriers, to distance sharehold- ers from the risk of huge claims for damages resulting from tanker ac- cidents in the U.S.

Quiet Cove Launches

Aluminum Yacht For

Solo Circumnavigation Trip

Quiet Cove's 60-foot, solo-racing yacht under con- struction.

Quiet Cove Enterprises, a com- mercial boatbuilder in Anacortes,

Wash., has completed and launched an aluminum yacht which combines advanced, high-performance design and workboat-type engineering, ca- pable of surviving the worst sea con- ditions.

The 60-foot boat is designed to be sailed by one man, non-stop, around the world.

The aluminum skin is 5/32 inch thick, with frames at two-foot inter- vals and closely-spaced stringers.

The keel carries 15,000 lbs of lead at a draft of 13.5 feet, imposing consid- erable strains on the hull.

It is supported by multiple floor frames and a ring-frame, which con- nect to topside and deck stiffeners supporting the 93-foot mast and rig- ging.

Three watertight bulkheads are

Maritime Reporter/Engineering News