Page 9: of Maritime Reporter Magazine (March 1996)

(continued from page 8) 20,000 and 80,000 dwt on order.

Among Japanese yards building bulk carriers are Tsuneishi,

Oshima, Hitachi and Sumitomo.

Korean yards, however, clearly dominate the market for large bulkers, with Daewoo, Hyundai,

Hall and Samsung accounting for 39 of the 79 Capesize bulk carriers now on order.

NKK in Japan is also a major player in construction of Capesize bulkers. Several shipyards in

China and eastern Europe have established a significant presence in Handysize and Handymax ships, and China Shipbuilding in

Taiwan has a relatively strong presence in Capesize bulkers.

Outlook For New Construction

Over the past two years, there has been a significant rise in demand for bulk carriers. The

Baltic freight index, which tracks the trend in freight rates, almost doubled between early 1994 and mid-1995.

While the index is now 30 per- cent off its peak, it is still signifi- cantly higher than the level that prevailed in early 1994. However, , although long term fundamentals remain very strong, there is con- cern that the recent spurt of ship- building orders could produce a near term surplus in certain sec- tors of the market, particularly the

Capesize sector.

In IMA's recent Shipbuilding

Industry Outlook, the forecast is that bulk carrier construction will run at the rate of 205 to 265 ships annually over the next four years,

This will be a significantly higher figure than that of the preceding three years.

Particular growth will take place in construction of Handysize bulk carriers, as 25 to 30 percent of the existing inventory of these ships is expected to be scrapped over the next five years. Not all sectors, however, will see increased construction. IMA projects a sig- nificant downturn in orders for

Capesize bulk carriers as a result of the recent overbuilding in this sector.

Executive Changes At BIW

General Dynamics announced management changes at Bath Iron

Works (BIW). Effective March 1,

BIW President Duane D. (Buzz)

Fitzgerald became non-employee chairman, and Allan C. Cameron became president.

In their new roles, Mr.

Fitzgerald will focus on broad industry and public policy issues and their effect on BIW. Mr.

Cameron will have full responsi- bility for the company's operations and activities. "I recruited Allan Cameron to help turn BIW into a more effective and affordable operation, with the expectation that he would eventu- ally succeed me as president," said

Mr. Fitzgerald.

Mr. Cameron — who will report to James E. Turner, executive vice president of General

Dynamics and head of its Marine

Group — has been executive vice president and chief operating offi- cer of BIW since 1994. A native of

Scotland, he has worked for ship- yards in Scotland, Canada, and the

U.S. — including General

Dynamics' Electric Boat facilities.

New Ferry Line Forms

A new maritime company,

Catamaran Lines Maritime

Company, located in Piraeus,

Greece, has formed. During the opening ceremony in the Piraeus offices, General Manager

Athanasious Valsamis spoke about a super catamaran vessel which will connect Italy and

Greece in 1996. As explained by

Mr. Valsamis, the vessel will pro- vide superior passenger service, offering speedy, comfortable and safe travel. Satellite telephone booths have been installed onboard the vessel, offering worldwide com- munications capability. According to company reports, the light- weight, aluminum construction of the company vessel allows travel at 36 knots fully loaded, with crossings between Igomenitsa and

Brindisi reportedly taking slightly more than three hours.

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March, 1996 11