Page 25: of Maritime Reporter Magazine (December 1997)

FAR EAST UPDATE ed its latest investment in VLCC tonnage to Hyundai Heavy

Industries (HHI) in a deal thought to be worth $164 million involving four vessels of two million barrels capacity. Delivery for the first 300,000-dwt vessel is scheduled for the first half of 2000.

Meanwhile, HHI has won a fifth

VLCC order from Frontline. The order was placed by Norwegian shipowner John Fredriksen who now controls Frontline. A spokesperson for Mr. Fredriksen declined to comment on the con- tract price for the VLCC, which is due to be delivered in two years, but newbuilding analysts in

London's sale and purchase bro- kers estimated the cost at around $82 million, in line with the four ships already on order from the yard.

Ranking as the first contract awarded by the Hong Kong shipowning community to the world's largest shipbuilder since the return of the territory to

China, Wah Kwong has ordered a capesize bulker from HHI. The 171,000-dwt newbuilding com- manded a price of $43 million and is due for delivery in April 1999.

HHI's drive into the more capital intensive sector of the offshore industry has been boosted by a newbuilding contract for a third innovative ultra deepwater dynamically positioned drillship.

The order, placed by U.S. drilling contractor Reading & Bates, has been undertaken on the back of a commitment from Norwegian state energy group Statoil to provide two and a half years' employment for the drillship over a five year peri- od.

Singapore based Tai Chong

Cheang Steamship (TCC) has strengthened its contractual links /ith Halla Engineering & Heavy ndustries (HEHI) by ordering a 105,000-dwt crude carrier, plus an ption on a second vessel, both of hich must be delivered before the nd of September 1999. Exercising he option would take the overall alue of the project to around $82 illion.

Heidenreich Marine has ordered our Panamax size tankers which re specifically designed for use on raft restricted ports. The con- racts for the 67,000-dwt vessels as been awarded to HEHI. All our tankers are scheduled for elivery in 1999.

HEHI has also secured orders for our 46,000 dwt products carriers rom Danish and Singapore inter- ests. Estimated to be worth $128 million, the contract calls for two pairs, one plus one option, of

Handysize products tankers for

Denmark's Trom Lines and Pacific

Carriers of Singapore.

China

Among orders for Chinese yards:

Nantong Ocean Ship Engineering

Company (NOSECO), the joint venture between Japan's

Kawasaki Heavy Industries (KHI) and Cosco, is to begin construction of its first Handysize bulk carrier next month. A spokesman for KHI confirmed that the first group of

Chinese engineers, who had been receiving training at the company's

Kobe and Sakaide shipyards since the spring of last year, would return to Nantong by this weekend to undertake preliminary work.

A second-hand, 639.7 ft. (195 m) long, 15,000 ton lifting capacity dock has been acquired for the

Bohai Sembawang Shipyard

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Circle 283 on Reader Service Card ecember, 1997 25