Page 12: of Maritime Reporter Magazine (July 2006)

Cosco Endorses

Panama Canal

Expansion

Captain Wei Jiafu, President and CEO of China Ocean Shipping Company (COSCO), recently endorsed the potential

Panama Canal expansion, citing that a more modern, Canal will benefit the glob- al economy and world trade.

Nearly five percent of total world trade transits the Panama Canal. Of this trade, 88 percent flows between the United

States and Asia. In a speech given in

Panama last month, Captain Wei stated that with the rapid development of China's economy, the Panama Canal becomes more important as a vital link for China to import and export goods to and from the

East Coast of the United States, the

Caribbean and the East Coast of South

America. "I fully support this expansion plan. I believe that the expansion of the

Canal will enable more ships to utilize the

Panama Canal.

It will not only strengthen Panama financially by bringing considerable rev- enues, promote development of Panama's maritime industry, and ensure Panama's position as the regional maritime center, but it will also benefit the growth of regional and world trade," said Captain

Wei. 12 • MarineNews • July, 2006

News

Circle 223 on Reader Service Card

Foss Maritime

Crew Receive

Lifesaving Award

Foss Maritime Honored with Award

Captain Sam Nelson and crew of the

Foss Maritime Company tugboat Justine

Foss received the Lifesaving Award from the Seamen's Church Institute at their annual Silver Bell Dinner on June 1 in New York. United States Coast

Guard Commandant Admiral Thad

Allen was in attendance and personally congratulated Captain Nelson.

Captain Nelson and his crew received the award for their heroic efforts in response to the needs of the crew of the tugboat Valour and the barge M-192 while in heavy weather and rough seas on January 18, 2006 off the coast of

Cape Hatteras, North Carolina.

Captain Nelson and his crew were able to rescue five men from the water and regain control of the laden tank barge during darkness and severe sea conditions, said Paul Gallagher, Director of Sales Marine Transportation, Foss

Maritime.

In addition, on June 9, Don McElroy,

Foss Maritime Vice President of Marine

Transportation, was presented with top honors at the Jones F. Devlin Ship Safe- ty Achievement Awards Luncheon held by the Chamber of Shipping of America at the Hilton Riverside Hotel in New

Orleans in honor of the Justine Foss and her rescue of the crew of the Valour.

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