Page 58: of Maritime Reporter Magazine (December 1996)

ny's Energy Services business seg- ment.'

Intertanko: Middle East Oil

Export To Remain Steady

According to Intertanko's month- ly market report for October 1996,

Middle East oil export is expected to remain steady, and VLCCs will continue to compete with Suezmax tankers in the Atlantic.

Intertanko also reported that the

International Monetary Fund (IMF) has forecast low world infla- tion of two to three percent, a sta- ble long-term interest rate of four percent and accelerating growth of world GDP to above four percent.

Part of the explanation for the pos- itive trends is the sharp rebound in activity in the transition economies in eastern Europe and the former Soviet Union.

Intertanko also reported that at the annual ship finance seminar arranged by the Norwegian

Shipping Academy in Oslo, modest views on the industry's future abil- ity to attract external investors' capital were expressed. The mar- ket report further states that out- side of Norway, the stock-listed shipping companies have generat- ed a far too low return on equity compared with other industries, even after taking into account the shipping industry's risk/return profile.

Circle 255 on Reader Service Card 58

Tidewater Naval Architects

Awarded Technical Service

Contracts

Tidewater Naval Architects, Inc., headquartered in Portsmouth, Va., has been awarded two significant technical services contracts by the

Keelung Harbor Bureau of Taiwan.

These contracts represent a break- through in technical support between a U.S.-based marine engi- neering firm and the Republic of

China. Tidewater will provide the design, supervision and shipyard engineering for one self-propelled dredge, two self-propelled barges and one self-propelled floating crane for Keelung Harbor, in

Northern Taiwan.

The addition of this two-year pro- ject with the Republic of China, along with Tidewater's ongoing projects with U.S. shipyards and shipowners in the U.S., will pro- vide long-term growth and a stable workload for the company.

Mikkelson Appointed New

Deputy Chief For Ulstein

Group

Bard Mikkelsen has been appointed deputy chief executive of

Norway's Ulstein group, with the formal title of president at the

Ulstein Industrier subsidiary.

Currently president of Norwegian domestic airline Wider0e's

Flyveselskap and chief executive of the Wider0e Group, Mr.

Mikkelsen will join Ulstein next

February.

The present chief executive, Idar

Ulstein, will remain in office but will transfer responsibility for day- to-day operational management of the Group to his new deputy.

Mr. Mikkelsen will also replace

Mr. Ulstein as chairman of

Ulstein Verft, Ulstein Propeller,

Ulstein Bergen and Ulstein

Brattvaag, and will head the cor-

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