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MARINE FINANCE Yangming Goes On $500M Containership Spending Spree Taiwan's Yangming Marine Corp. appeared likely to sign a letter of intent with a unit of South Korea's Hyundai Group to order five con- tainerships worth $292 million. Yangming had apparently planned to buy the five ships in 1997, but delayed the deal out of concern for Asia's financial crisis — saving sig- nificant costs in the process. Separately, Yangming said in May it would order 10 smaller ves- sels in the 1,100-1,500 TEU range for a total of $204 million over the next three to five years. KCS To Change Gdynia Shipbuilding System Kockums Computer Systems (KCS) finalized a long-term cooper- ative agreement with Gdynia Shipyard (Stocznia Gdynia S.A.) to change the shipyard's shipbuilding system. Gdynia Shipyard will implement and utilize the entire TRIBON 4 Shipbuilding system for design and production of ships. Circle 63 on Reader Service Card C. Plath Provides Equipment To Grand Princess C. Plath, the business unit of Litton Marine Systems, has sup- plied the steering and navigation systems for the new P&O cruise ship Grand Princess, recently delivered by Fincantieri. Equipment provided by C. Plath includes a Navipilot ADII adaptive autopilot system with four steering positions and emergency steering stations, as well as two Navigat X gyrocompasses, a Navitwin control unit and multiple Navidata dis- plays. Circle 64 on Reader Service Card Wilcoxon Awarded High-Tech Contract Wilcoxon Research, Inc., a designer and manufacturer of vibration sensors and accessories, received a multi-year contract with the U.S. Navy to research and develop an advanced low-noise sensing design, which reportedly allows for vibrations sensing in extremely low-noising applications such as earthquake detection, bridge structure analysis, motion studies, and optical stability moni- toring. July, 1998 For Sale: Bulgarian Shipyard In Black Sea Port Spanish consultancy DFC S.A. will accept offers from potential buyers for a 58-percent stake in a shipyard in Bulgaria's Black Sea port of Varna. The sale will be carried out after negotiations with potential buyers which can receive information on conditions for the sale from the DFC's Sofia office as of June 22. Offers will be accepted until August 3. Bulgaria's government chose DFC in October 1997 as a consul- tant for the sale of Bulgaria's three shipyards, in the Black Sea ports of Varna and Bourgas and the Danube River port of Rousse, against a success fee $828,000. Twenty-five percent of the Varna Shipyard was sold through the country's voucher privatization program and around 15 percent will be offered to employees. L & M BOTRUC RENTAL, INC Offering Vessels Uniquely Designed For Versatility, Dependability and Maximum Service Circle 308 on Reader Service Card
