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Sinotrans To Expand Fleet With Four New Box Ships Hong Kong-based China National Foreign Trade Transport Corp., or Sinotrans, one of China's oldest transport firms, is currently plan- ning to expand its fleet, which con- sists of some 90 bulk carriers, containerships and tramps with four new 2,500-TEU containerships. Two of the ships will be built in Germany this year with the assis- tance of unspecified German loans, and a letter-of-intent has been signed for two more vessels in South Korea, which will receive financial assis- tance from $300 million in Japanese loans. Last year the European Commis- sion (EC) declared that the 25 per- cent government credit that Ger- man yards were receiving to cover three boxships for flag-carrier China Ocean Shipping Company (Cosco) was market-distorting. The EC ruled that the aid was a direct subsidy to the shipyards, rather than development assistance to China, and added that Cosco didn't need the financial assistance even if it were legal. In addition to the 2.5-million-dwt aggregate capacity Sinotrans-owned fleet, the company also leases a num- ber of other ships, of varying sizes and type, each year. It handled a total of 60 million metric tons of cargo last year, sec- ond only to Cosco. IMSA Prediction... Bad numbers from Ss^syea^an i ever before. Why. Bad inputs caused by human error'. c. rHS excels in detecting and Since GHb exc the correcting input en continue reliability of its output "*, rto be excellent m 1993. Catalog of Software Products GHS Full-featured hydrostatics BHS Mid-range package BHS/YACHT Yacht designer's package GLM Shipboard trim and stability GHS/SALVAGE Salvage oriented package CREATIVE SYSTEMS INc CREATORS OF GHS Developers of advanced hydrostatics software for over 20 years. P.O. Box 1910 Port Townsend, WA 98368 USA TEL (206) 385-6212 FAX (206) 385-6213 Circle 207 on Reader Service Card TLiFOWL'WEATHER GOT YOU DOWN? • • > i I WHY NOT TRY 5UNNY CURACAO. THE BEST l/EATHER. THEBEST DRY DOCK. 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Goodrich, Viking, Avon, Zodiac, Givens, RFD, Beaufort, Plastimo, Uniraft Special Purpose Boat Davits, Fender Davits, Stores Cranes, Hose Handling Cranes. Electric/Pneumatic/Hydraulic Immersion Suits, PFD's, Work Suits, Lifering Buoys, Life Floats, Buoyancy Apparatus. Stearns, Billy Pugh, Jim-Buoy (Cal-June). See us at OTC Booth 8105 Houston Sales Office (713) 931-6001 Delaware Sales Office (302) 366-1961 INC. P.O. Box 1050, 167 Bell Ave., Oak Hill, FL 32759 (904) 345-3483 (904) 345-3462 FAX: (904) 345-4304 18 Service also available at our Louisiana service center. Circle 313 on Reader Service Card Leif Hoegh Close To Completing Tanker Unit Spin-off Into Subsidiary In a move designed to insulate the parent company from liability claims in the U.S., the Norwegian shipping group Leif Hoegh & Com- pany A/S is about to complete the spin-off of its tanker operations into a separate subsidiary called Bona Shipholding Ltd., a Bermuda-regis- tered company. Bona-Shipholding is now opera- tive and the Leif Hoegh fleet of oil/ bulk/ore combination carriers are to be transferred to the new company. As part of the changeover, two tanker-newbuilding contracts with Mitsui Engineering and Shipbuild- ing Company have been transferred to Bona Shipholding. The move was undertaken by Leif Hoegh, which operates car carriers and container/bulk ships as well as oil carriers, to distance sharehold- ers from the risk of huge claims for damages resulting from tanker ac- cidents in the U.S. Quiet Cove Launches Aluminum Yacht For Solo Circumnavigation Trip Quiet Cove's 60-foot, solo-racing yacht under con- struction. Quiet Cove Enterprises, a com- mercial boatbuilder in Anacortes, Wash., has completed and launched an aluminum yacht which combines advanced, high-performance design and workboat-type engineering, ca- pable of surviving the worst sea con- ditions. The 60-foot boat is designed to be sailed by one man, non-stop, around the world. The aluminum skin is 5/32 inch thick, with frames at two-foot inter- vals and closely-spaced stringers. The keel carries 15,000 lbs of lead at a draft of 13.5 feet, imposing consid- erable strains on the hull. It is supported by multiple floor frames and a ring-frame, which con- nect to topside and deck stiffeners supporting the 93-foot mast and rig- ging. Three watertight bulkheads are Maritime Reporter/Engineering News
