Page 132: of Maritime Reporter Magazine (September 1997)

Danyard To Cut Workforce

Due to decreasing workloads and a need to make production more efficient, Danyard

Shipbuilding has announced plans to fire 235 employees. Work on three chemical tankers for the Stolt group is nearing completion, and thus is demanding less labor. Parent company

Lauritzen cites Danyard as a main reason for the group's 1996 loss of 259 million crowns, along with currency losses and weak productivity. Last

April, Lauritzen contracted to sell 48 percent of the yard to Malaysia's Penang Shipbuilding and

Construction (PSC) for $100 million, but has so far received only a $1 million deposit.

Southwest Marine Wins $26M Contract

The U.S. Navy's Military Sealift Command (MSC) has awarded Southwest Marine, Inc. (SWM) a $26 million, cost-plus-award-fee con- tract for the repair, overhaul, dry-docking and upgrade of the U.S. Navy ammunition ship

USNS KISKA (T-AE 35). With options, the total value of the contract could exceed $30 million.

The work is scheduled to begin December 1, 1997 and will be completed on October 26, 1998.

Between 300 and 400 workers per day are assigned to the job. "Winning this contract is a real tribute to our employees and a much- deserved reward for the great work they do every day," commented Ed Ewing, SWM's president and COO. While at SWM, the habitability spaces currently configured to U.S. Navy standards will be re-outfitted to meet the requirements of MSC's civilian crew. «. wK fi|rti gau<36

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Recent Ship Sales

This report, compiled by Shipping Intelligence, Inc., a New York maritime consulting firm, tracks sale prices of secondhand bull! carriers and tankers. For more information, call tel: (212) 997-0966.

Date Vessel Vessel DWT Year Sale Price

Reported Name Type Built (M) 7/25/97 Capo Mele Secondo Bulker 16,324 78 $3 7/25/97 Aditya Usho Bulker 18,720 81 $4 7/25/97 Trade Wealth Bulker 24,900 83 $7.8 7/4/97 Hua Peng Bulker 34,698 83 $7.8 7/18/97 Prosperus Bulker 35,676 83 $8.7 7/11/97 Iowa Trader Bulker 37,061 82 $4.5 7/11/97 Ponderosa Bulker 38,862 75 $4.3 7/18/97 Sibenik Bulker 48,320 89 $16.8 7/25/97 Li Xin Bulker 54,540 80 $3.1 7/25/97 Big Angel Bulker 61,059 75 $3.7 7/18/97 Nol Canopus Bulker 64,711 83 $8.3 7/25/97 Pernas Arang Bulker 64,871 82 $8 7/25/97 Bacesti Bulker 65,456 85 $7.5 7/11/97 Alessandra D'amato Bulker 69,171 84 $12.5 7/25/97 Cielo Esta Bulker 70,227 88 $17.4 7/18/97 Iron Master Bulker 127,774 82 $12.1 7/11/97 Thalassini Avra Bulker 129,237 81 $12.4 7/18/97 Tai Shan Bulker 149,516 90 $26.7 7/25/97 China Transport Bulker 151,688 95 $36.7 7/25/97 Excel Tanker 38,565 81 $13.5 7/4/97 Plate Princess Tanker 57,372 79 $6.2 7/4/97 Ace Trader Tanker 60,961 87 $21.6 7/25/97 Protank Orinoco Tanker 69,128 80 $13.5 7/18/97 Bt Stream Tanker 88,728 80 $13.5 7/25/97 Artois Tanker 102,262 92 $36 7/18/97 Nausicaa Tanker 135,973 89 $35

Index Fleet Valuation 250 240 230 180 eg

Current Market

Value ($M): .. .$237.3 1 Month Ago: . .$234.6 6 Months Ago:. .$229.4 1 Year Ago1 $244.5

The Index Fleet Valuation is representative of the resale market for Bulk Carriers and Tankers as a whole. The Index Fleet consists of 15 vessels, nine Bulk Carriers and six Tankers, of various sizes and ages. Fluctuations in the value of the world fleet are mirrored in the Index Fleet. This report, compiled by Shipping Intelligence, Inc., a New York maritime consulting firm, tracks sale prices of secondhand bulk carriers and tankers. For more information, call tel: (212) 997-0966. fcpSpi^M ^lillllil

Maritime Reporter/Engineering News