Page 18: of Maritime Reporter Magazine (February 2004)

ing missiles. Two of the vessels under the contract are optional. The ships are designed by French shipbuilder

Constructions Mecaniques de

Normandie and the first vessel will be built in France, one of the UAE's main arms suppliers.

Teekay Orders

Aframax Tankers

Teekay Shipping entered two agree- ments to construct a total of six 105.000 dwt high specification Aframax tanker newbuildings. Four conventional

Aframax tankers and two purpose-built lightering ships have been ordered from

Hyundai Heavy Industries and Tsuneishi

Corporation, respectively. The aggre- gate cost of these vessels is approxi- mately $260 million, including con- struction supervision costs and capital- ized interest. IHC Caland Logs $100M

New Business

IHC Caland reported that it had won new orders recently worth more than $100 million and would continue to meet its banking covenants. J.P. Morgan had said in October that IHC's high gearing implied the risk of a possible breach of its debt covenants. The group, whose main activity is building and operating floating production and stor- age platforms (FPSOs) for oil compa- nies, also said on Tuesday that U.S. oil major Exxon Mobil Corp. would keep one of its FPSOs on a long-term lease rather than buying it as initially planned.

Meanwhile, a new FPSO has started production for Exxon Mobil offshore

Angola. With this new unit, IHC sub- sidiary SBM now has 13 FPSOs under lease and operating contracts with three new ones under construction, the com- pany said.

Ground Broken on 'World's Largest Shipyard'

A Chinese shipbuilding company has broken ground on what it says will be the world's biggest shipyard, a high-tech facility capable of producing cruise ships and natural gas tankers, sources inside China and wire services reported.

The yard, being built on an island at the mouth of the Yangtze river, will report- edly feature seven construction docks along a five-mile stretch of coastline.

Due for completion in 2015, the yard will be designed to produce a total of 12 million dwt of ships per year. The new yard is being built by the China State

Shipbuilding Corp.. which incorporates 25 large- and medium-sized shipyards.

The group currently produces tankers and container ships, as well as warships and submarines for China's navy, according to its web site.

Wartsila to Discontinue

Production in Turku

The second part of Wartsila's business analysis, started last autumn, has now been finalized. In addition to reductions in capacity already decided, the compa- ny also plans to discontinue engine man- ufacture at its Turku factory. The manu- facture of large engines will be centered at Trieste, Italy. Under this plan the

Turku unit will concentrate on service and maintenance. The Trieste factory, the Group's largest in size, is equipped to manufacture a number of products simultaneously. The factory has already acted as a back-up manufacturing facili- ty for the Wartsila 46 engine and it has experience of producing several differ- ent engine types. Engines previously

News L manufactured at Wartsila's factory in the

Netherlands were recently added to the

Trieste Factory's production program.

With respect to gas engines, a central factor in the decision was the direct availability of gas from a gas pipeline in the Trieste factory. Production and R&D activities at Wartsila's Vaasa factory in

Finland will continue in their present form. ciRRiNE connunicRiions

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