Page 15: of Maritime Reporter Magazine (May 1997)

MARINE FINANCE

American Managing Director

Charles Stidham said that his company anticipated year-end 1997 revenues from its shipping and commodities divisions to exceed $100 million.

Midland's unaudited 1996 rev- enues were $21.5 million.

The rise in gross sales stems from a newly inaugurated, regu- larly scheduled cargo run on three of the company's containerships from Piraeus, Greece, into

Taganrog, Russia.

Russian commercial bank

Doninvest is reportedly providing funding for Midland, Inc. to acquire 150,000 sq. ft. of land and 20,000 sq. ft. of cold storage facili- ties at the Port of Taganrog, which includes rail facilities and a 120- truck fleet able to deliver goods throughout Russia.

Midland is also reportedly nego- tiating with Daewoo to provide all transportation for the new factory the Korean company is building at the Port.

Midland's four divisions include

Midland Navigation, which oper- ates bulk carriers; Midland

Steamshipping, a tourist-oriented hydrofoil and ferry line in the

Greek Islands; Midland Liners, which manages container vessels; and commodities buyer/reseller

Midland Agricultural.

Vickers Shipbuilding Buys

Automation Software

Parametric Technology Corp. (PTC), developer of the Pro/ENGI-

NEER(R) family of software tools used to automate the mechanical product development process, announced on March 26 award of a $1 million order for software and services from U.K.-based Vickers

Shipbuilding & Engineering

Limited.

Vickers specializes in the design and construction of nuclear sub- marines, surface ships and large canon artillery weapon systems.

The company will reportedly standardize with Pro/ENGINEER throughout its armament division, using its mechanical engineering and functional simulation capabil- ities for further development of the

Ultra-Lightweight Field Howitzer for the U.S. Army and U.S. Marine

Corps.

May, 1997

General Dynamics Reports

First Quarter Earnings

General Dynamics has reported 1997 first quarter net earnings of $71 million, or $1.13 per share, on sales of $941 million. This is a per share increase of 10 percent over the first quarter of 1996. "This is our tenth consecutive quarter of improved earnings from continuing operations ... General

Dynamics is in excellent financial condition, and the outlook for all of its major businesses is bright. The company has virtually no debt, and even after our recent acquisi- tions, we still have almost $700 million in cash," said Chairman and CEO James R. Mellor. "In our marine business seg- ment, earnings were up by nine percent even though sales for the

In warm seas or polar oceans, catch the tide with Cegelec.

Power generation, electrical propulsion, control and automation

For cruise ships, bulk carriers, chemical tankers, shuttle tankers, warships and offshore applications, Cegelec offers flexible solutions to meet the needs of the customer, whether it be the owner, operator or the shipyard.

Our shaft generators and power equipment, AC drives with precision digital control, power management and dynamic positioning systems are designed to optimize safety, operational flexibility and efficiency - improving our customers' competitive advantage.

Cegelec can provide total project management from initial studies through design, procurement, installation and after-sales support.

As a result, in the last two years, more than 20 major projects have been entrusted to us.

Cegelec : Electrical Engineering of the Alcatel Alsthom Group. • •33

Cegelec - USA Marine Delegation. 490 Lapp Road, Malvern, PA 19355 - USA - Tel (1 610) 651 7610 - Fax (1 610) 296 0854

Circle 210 on Reader Service Card 15