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related) and fears over the future of Lloyd's. Shipowners caught the backlash, and premiums soared between 1990 and 1992, while the levels of deductibles pushed onto owners' accounts also took a sharply upward hike. Since then, costs have dropped dramatically. Currently, according to Drewry, excess capacity is apparent in the hull market with competition for business still forcing premium lev- els down. The likelihood, however, is that this sector has hit, or is close to, its lowest point. The con- sensus looks to be moving toward higher hull premiums within six to 18 months. The P&I sector of the insurance market looks scarcely more promising, and Drewry expects that cost levels will increase here, too. The reasonfng cahb^umm up in one word — liamlimes^'^ie insured risks respect to claims-involving third parties. These claims tend to M/T Stolt Innovation, Stolt Parcel Tankers Inc. The SAILOR GMDSS CERTIFIED SERVICE concept has been developed to ensure the shipping industry a uniform level of service covering specific require- ments for spare parts, replacement units and technical manuals, all supported by annual technical training of service personnel. For more than half a century, the green SAILOR communication systems have been the garantee of reliable, efficient and safe com- munication at sea. Today, the SAILOR product range includes a full line of communication equipment and systems, including the interna tionally recognized SAILOR GMDSS solutions and the latest developments within satellite communication. Sailor is supported world wide by a highly qualified service network. CERTIFIED SERVICE CENTRE oiO i SAILOR SAILOR. FOR GLOBAL COMMUNICATION S.P. RADIO A/S • Porsvej 2 • DK-9200 Aalborg SV • Denmark Phone int. +45 9818 0999 • Telex 69 789 SPRAD DK • Telefax int. +45 9818 6717 Circle 247 on Reader Service Card become increasingly litigious, while awards are likely to become higher. Some (financial) solace can be fact that neVbuilding Kir, despite a Lewbui|/&ing |eftor. 0n top of _ f£wbanks and financial institutions looking to lend money to the shipping indus- try has again risen, suggesting finance shall remain competitive. For more information on receiving Drewry's new report Circle 1 on Reader Service Card World Orderbook Drops By 3.2 M GT The world ship orderbook has fallen by 3.2 million gt, according to Lloyd's\Register (LR). J The orderbook to date stands at 45.3 million gt (as W the quarter ended Dec. 31, 1996)>. compared to 48.5 million gt at the, end ofj-December 1995. The statistics, published in LR's quarterly/ World Shipbuilding Statistics, indicate that Japan remain® the world's top shipbuilding nation, with an orderbook of 13.7 fnillidjr gt, repre- senting roughly ,.30 percent of the market. Japarf is closely followed by Korea, which claims 13.2 mil- lion gt, or 29 percent of the mar- ket. The remaining 41 percent is split between Western Europe (8.3 million gt); Eastern Europe (4.8 million gt); and the "rest of the world" (5.3 million gt). New Maritime Company Listed On Oslo Exchange Bergen-based Seateam Technology ASA is to be listed on the Oslo Stock Exchange (OSE), specifically on the SMB list (for small and.medium-sized business- es). The company hals wide inter- ests, including the ownership and operation of offshoip vessels, ship- ping activities^, geo-technical research and survey services. The company has, been formed by a merger between DSND Survey K/S, a deepsea drilling Arcade Offshore B.V., a&offshore survey company. Seateam Technology ASA's main area of operation is the North Sea,\jrith other activities in West Afraca, Brazil, Asia and Russia. The list- ing of Seateam Technology brings the number of companies listed in the OSE's special shipping and off- shore sector to 47. -technical specialist and April, 1997 23
