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Page 54: of Maritime Reporter Magazine (June 1998)
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Harrington Retires As Head
Of Ship Finance
Rex Harrington is to retire as head of the Royal Bank of
Scotland's ship finance unit in
November. He will be succeeded as director of shipping by
Lambros Varnavides, who has helped establish the bank's
Shipping Business Center which has become the largest provider of corporate and private financial services to the Greek shipping industry.
Ship Repair Shake-Out To
Continue
The global shiprepair industry faces further consolidation as rev- enues fall due to competition and the prospect of weaker demand, a study from Drewry Shipping
Consultants Ltd. predicts.
Shiprepair revenues are likely to fall by 1.5 percent between 1998 and 2003 placing increased pres- sure on repair yards to cut costs through mergers. Singapore's big four market-leading shiprepair yards have already merged into two, with lthe merger between
Keppel Shipyard and Hitachi
Zosen Singapore Corp. following last year's takeover of Jurong
Shipyard by Sembawang Shipyard
Ltd. Extreme competition be- tween yards is set to persist. ^^ Avondale
Shipyards Division including its assets and liabilities, into three new publicly listed com1 panies and at the same time to dis- solve Metra corporation.
Metra's current three industrial divisions would form three new groups in the demerger: Wartsila
NSD and Metra Finance would form a diesel and gas engine com- pany; Sanitec would form a bath- room products company; and
Imatra Steel, together with Metra
Group's holding in Assa Abloy,
Metra Real Estate and Metra's other investments, would form a new investment company. The new diesel and gas engine group will comprise Wartsila NSD and
Metra Finance.
Wartsila NSD is a global engi- neering company offering its cus- tomers complete solutions for power generation and marine propulsion. The core activities are design, manufacturing, licensing, sales and service of Wartsila and
Sulzer engines with output per unit ranging from 500 to 66,000 kW. In 1997 Wartsila NSD had net sales totaling FIM 11.3 billion and 7,300 employees. Metra cur- rently owns 87.8 percent of the
Wartsila NSD Group, with the remaining 12.2 percent held by
Fincantieri. Metra Finance, a wholly owned Metra subsidiary, acts as the group's internal bank.
Circle 61 on Reader Service Card
Circle 188 on Reader Service Card
SARS Secures Ben Line
Agencies Representation
Shipping Agency
Representation Services (SARS), the ship agency arm of the London
Maritime Partnership (LMP), has been appointed the U.K. represen- tative of Ben Line Agencies of the
Far East. 56 Maritime Reporter/Engineering News
Avondale Industries, Inc. Shipyards Division
Repair Services
Repair Services that are available at
Avondale Include: • Shafting, Propellers and Rudders • Rubber Lining and Fiberglassing • Offshore Vessels • Structural Replacement/Repairs • Machinery Overhaul and Repairs • Pollution Control Devices • Inert Gas Installations • Ship Conversions and Jumboizing • Thruster Installations • Electronics Upgrading • Quarters Modification • Voyage Repairs; Barge Repairs • Re-Powering • Gas Freeing; Re-Coating
Drydocks Available Are: • One 82,300 MT Dock - can lift ships up to 379M long and 61.9M wide • One 20,000 MT Panamax Dock - can lift ships up to 235M long and 32.2M wide
Heavy Lift Services: • A 200-ton Gantry Crane • A 628-ton Floating Crane Barge
Fully-Staffed Engineering Department
AVONDALE INDUSTRIES, INC.
SHIPYARDS DIVISION
POST OFFICE BOX 50280
NEW ORLEANS, LA. 70150-0280 •
PHONE: (504) 436-5274
FAX: (504) 436-5280
Metro Plans Demerger Into
Three Listed Companies
Metra Corp. has begun prepara- tions to divide itself into three sep- arate groups, whose Finnish par- ent companies will be quoted on the Helsinki Stock Exchange. The plan is to divide the Metra Group by splitting the parent company,
Avondale's 20,000 MT Drydock
Avondale's 82,300 MT Drydock