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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. JULY MN2006 2(9-16).qxd 7/6/2006 11:22 AM Page 12
