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(continued from page 8) 20,000 and 80,000 dwt on order. Among Japanese yards building bulk carriers are Tsuneishi, Oshima, Hitachi and Sumitomo. Korean yards, however, clearly dominate the market for large bulkers, with Daewoo, Hyundai, Hall and Samsung accounting for 39 of the 79 Capesize bulk carriers now on order. NKK in Japan is also a major player in construction of Capesize bulkers. Several shipyards in China and eastern Europe have established a significant presence in Handysize and Handymax ships, and China Shipbuilding in Taiwan has a relatively strong presence in Capesize bulkers. Outlook For New Construction Over the past two years, there has been a significant rise in demand for bulk carriers. The Baltic freight index, which tracks the trend in freight rates, almost doubled between early 1994 and mid-1995. While the index is now 30 per- cent off its peak, it is still signifi- cantly higher than the level that prevailed in early 1994. However, , although long term fundamentals remain very strong, there is con- cern that the recent spurt of ship- building orders could produce a near term surplus in certain sec- tors of the market, particularly the Capesize sector. In IMA's recent Shipbuilding Industry Outlook, the forecast is that bulk carrier construction will run at the rate of 205 to 265 ships annually over the next four years, This will be a significantly higher figure than that of the preceding three years. Particular growth will take place in construction of Handysize bulk carriers, as 25 to 30 percent of the existing inventory of these ships is expected to be scrapped over the next five years. Not all sectors, however, will see increased construction. IMA projects a sig- nificant downturn in orders for Capesize bulk carriers as a result of the recent overbuilding in this sector. Executive Changes At BIW General Dynamics announced management changes at Bath Iron Works (BIW). Effective March 1, BIW President Duane D. (Buzz) Fitzgerald became non-employee chairman, and Allan C. Cameron became president. In their new roles, Mr. Fitzgerald will focus on broad industry and public policy issues and their effect on BIW. Mr. Cameron will have full responsi- bility for the company's operations and activities. "I recruited Allan Cameron to help turn BIW into a more effective and affordable operation, with the expectation that he would eventu- ally succeed me as president," said Mr. Fitzgerald. Mr. Cameron — who will report to James E. Turner, executive vice president of General Dynamics and head of its Marine Group — has been executive vice president and chief operating offi- cer of BIW since 1994. A native of Scotland, he has worked for ship- yards in Scotland, Canada, and the U.S. — including General Dynamics' Electric Boat facilities. New Ferry Line Forms A new maritime company, Catamaran Lines Maritime Company, located in Piraeus, Greece, has formed. During the opening ceremony in the Piraeus offices, General Manager Athanasious Valsamis spoke about a super catamaran vessel which will connect Italy and Greece in 1996. As explained by Mr. Valsamis, the vessel will pro- vide superior passenger service, offering speedy, comfortable and safe travel. Satellite telephone booths have been installed onboard the vessel, offering worldwide com- munications capability. According to company reports, the light- weight, aluminum construction of the company vessel allows travel at 36 knots fully loaded, with crossings between Igomenitsa and Brindisi reportedly taking slightly more than three hours. The only Marine Telecommunications system thafs with you for the long haul. Only WATERCOM provides continuous marine telecommunications over 4,000 miles of America's inland waterway. That's proof of our commitment to the towing industry. WATERCOM was the first to offer reliable, high-quality marine telecommunications. Our rates have remained stable, as well as our commitment to superior customer service. We've also provided our users quality services to include voice, data, and fax capabilities. For dependable, clear marine telecommunications, rely on WATERCOM. We're with you for the long haul. Call us today at 1-800-752-3000. OfflfiMEffl TELECOMMUNICATIONS FOR VESSELS AND SHORE. 453 East Park Place • Jeffersonville, Indiana 47130 Circle 300 on Reader Service Card Llva.CoM 100 •BB •v SYS!EM IROOBtE PROGRAM MODE HIGH ALARM & £3 A PUS* EWES 'O ESSOtAV ^ Introducing... The LevelCom 100 Liquid Level Computer "The LevelCom is a powerful, accurate and reliable system that's light years ahead of conventional gauges. The programmable process control and alarm features let us control individual tank level alarms and pumps. Installa- tion was economical and fast and we've solved a huge environmental headache. I'm very impressed with the LevelCom and the people at TMS." Mike DeLauer, Chief Engineer S/S Meteor PC data acquisition provides remote tank monitoring and complete control of multiple LevelComs Connects to existing sense lines Programmable tank table and specific gravity functions allow accurate monitoring of volume and weight in non-concentric tanks Preprogrammed conversion table for depth, volume and weight 1 Digital display indicates depth, volume and weight • Bar graph displays % of depth and user selected alarm and control setpoints Technical Marine Service Inc., Portland, OR (503) 285-8947 Circle 313 on Reader Service Card March, 1996 11
