Page 111: of Maritime Reporter Magazine (October 1998)

FAR EAST UPDATE $150 million.

Another order from Taiwan involves Evergreen, which has embarked on a further round of investment in new tonnage, order- ing five 5,364 TEU U-class con- tainerships at Japan's Mitsubishi

Heavy Industries (MHI).

Representing an investment of $290 million, these ships will be delivered at regular periods through June 2001.

Stelmar Tankers is poised to order up to eight Panamax tankers from a Japanese yard. Haji-

Ioannou's company is negotiating with Onomichi Dockyard on the crude tanker contract which could be worth in excess of $250 million.

Stelmar is seeking delivery of the first tanker in November 1999, with the remainder following at short intervals.

South Korea

Despite the continuing economic uncertainty surrounding the nation, South Korean yards won contracts aggregating 1.77 million grt, up 47 percent on both the pre- ceding month. The Korea

Shipbuilders' Association said overseas orders in the opening six months fell 24.6 percent to 4.54 million grt from 6.02 million grt in the same period 1997. The tonnage for the latest half represented 84 vessels. In June, orders were reported to have fallen 66.9 per- cent to 631,540 grt on a year-on- year basis. South Korea's Hyundai

Heavy Industries (HHI) is to par- ticipate in a transfer of technology agreement with an Iranian ship- builder, it was disclosed. The world's largest shipbuilder is to participate with the Iranian com- pany Persian Gulf Shipbuilding in the construction of six 22,000 dwt multi-purpose vessels for the

Islamic Republic of Iran Shipping

Lines (IRISL).

Taiwan's Yangming Marine has finally signed an agreement for five 5,200 TEU containerships with HHI. After a long-awaited let- ter of intent, Yangming has speci- fied that two of the ships will be built under master contract by

China Shipbuilding Corp. in

Kaohsiung.

Greece's Costamare Shipping Co. has placed a $300 million order for five containerships with HHI. It is understood that a price of close to $60 million per ship has been agreed, which would bring the worth of orders at about $300 mil- lion. All the vessels are scheduled to be delivered in 2000.

October, 1998

Norddeutsche Reederei,

Hamburg has ordered three 4,800

TEU containerships from South

Korea's Hyundai Heavy Industries (HHI). The 67,000-dwt vessels will be 965 ft. x 106 ft. (294.1 x 32.2 m).

Norwegian shuttle tanker special- ist Ugland Nordic Shipping has embarked on a further stage of investment in tonnage, committing itself to a 104,000-dwt shuttle tanker at Samsung Heavy

Industries (SHI).

The sale of ships to Qatar makes a first for Dae Sun. To be built at the Busan yard, the first ship will be delivered in November 1999, and the second in February 2000.

Hanjin Heavy Industries, the shipbuilding arm of the Hanjin

Group, has won three ship- building orders worth $540 mil- lion, its first newbuilding orders in nearly eight months.

The conclusion of the three sep- arate deals will mean a total of 13 ships will be built. Conti

Reederei of Germany ordered five 5,600 TEU containerships, with delivery set for November 1999 through September 2000,

Saudi Arabia's Bakri

Navigation ordered four 45,000 dwt chemical tankers ($140m) and Germany's Horst

Zeppenfeld ordered four 1,600

TEU containerships.

Andreas Martinos, the youngest of the three Martinos brothers, has ordered two

Aframax tankers from South

Korea, his first major investment in tonnage since establishing the

Greek shipping company Minerva last summer. Samsung Heavy

Industries (SHI) is the recipient of the contract, which calls for the two vessels to be delivered at the end of 1999 and the second quarter of 2000. The bitter controversy over financing for a tranche of

LNG ships being built in Korea is moving towards a compromise that will allow local banks to lift their freeze on advances to shipbuilders. "Both sides agree that the longer they drag this problem out, the worse it will be for the overall economy and in the end for them- selves as well," said an official at the Banking Supervisory

Authority. SK Shipping and

Hanjin Shipping have reportedly been allowed to draw down $27.5 million of loans but banks have reportedly maintained a freeze on $4.37 million in loans due to

Hyundai. Cyprus based German shipowner Reederei Nord Klaus E

Oldendorff has kept faith with the re-emergent South Korean ship- building firm Halla Engineering &

Heavy Industries by signing a deal for VLCC. The agreement calls for the completion of a 302,000-dwt crude carrier for about $73.5M. im

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