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ing missiles. Two of the vessels under the contract are optional. The ships are designed by French shipbuilder Constructions Mecaniques de Normandie and the first vessel will be built in France, one of the UAE's main arms suppliers. Teekay Orders Aframax Tankers Teekay Shipping entered two agree- ments to construct a total of six 105.000 dwt high specification Aframax tanker newbuildings. Four conventional Aframax tankers and two purpose-built lightering ships have been ordered from Hyundai Heavy Industries and Tsuneishi Corporation, respectively. The aggre- gate cost of these vessels is approxi- mately $260 million, including con- struction supervision costs and capital- ized interest. IHC Caland Logs $100M New Business IHC Caland reported that it had won new orders recently worth more than $100 million and would continue to meet its banking covenants. J.P. Morgan had said in October that IHC's high gearing implied the risk of a possible breach of its debt covenants. The group, whose main activity is building and operating floating production and stor- age platforms (FPSOs) for oil compa- nies, also said on Tuesday that U.S. oil major Exxon Mobil Corp. would keep one of its FPSOs on a long-term lease rather than buying it as initially planned. Meanwhile, a new FPSO has started production for Exxon Mobil offshore Angola. With this new unit, IHC sub- sidiary SBM now has 13 FPSOs under lease and operating contracts with three new ones under construction, the com- pany said. Ground Broken on 'World's Largest Shipyard' A Chinese shipbuilding company has broken ground on what it says will be the world's biggest shipyard, a high-tech facility capable of producing cruise ships and natural gas tankers, sources inside China and wire services reported. The yard, being built on an island at the mouth of the Yangtze river, will report- edly feature seven construction docks along a five-mile stretch of coastline. Due for completion in 2015, the yard will be designed to produce a total of 12 million dwt of ships per year. The new yard is being built by the China State Shipbuilding Corp.. which incorporates 25 large- and medium-sized shipyards. The group currently produces tankers and container ships, as well as warships and submarines for China's navy, according to its web site. Wartsila to Discontinue Production in Turku The second part of Wartsila's business analysis, started last autumn, has now been finalized. In addition to reductions in capacity already decided, the compa- ny also plans to discontinue engine man- ufacture at its Turku factory. The manu- facture of large engines will be centered at Trieste, Italy. Under this plan the Turku unit will concentrate on service and maintenance. The Trieste factory, the Group's largest in size, is equipped to manufacture a number of products simultaneously. The factory has already acted as a back-up manufacturing facili- ty for the Wartsila 46 engine and it has experience of producing several differ- ent engine types. Engines previously News L manufactured at Wartsila's factory in the Netherlands were recently added to the Trieste Factory's production program. With respect to gas engines, a central factor in the decision was the direct availability of gas from a gas pipeline in the Trieste factory. Production and R&D activities at Wartsila's Vaasa factory in Finland will continue in their present form. ciRRiNE connunicRiions SeaWave® helps manage your voice communication costs more easily using Least Cost Routing technology to automatically find the best available rate for all calls placed on board your vessel. SeaWave virtually eliminates administration associated with your communications investment by preparing a comprehensive and un<|g|standable billing statement that may be viewed on board the vessel, sent to payroll or invoiced directly llPeach user - SeaWave saves you time and money. i. I SeaWave provides land-like data communications for a fraction of the cost of most other services. SeaWave's proprietary Throughput Technology Software (TTS) utilizes superior compression, advanced signal processing and a low overhead - light application to move data more efficiently over Satellite, HF & GSM. This means more data throughput in less time. If you are sending data now, let SeaWave simplify and streamline your communications - If ypu ore not routinely using e-mail now, see how SeaWave can make it more affordable and more powerful than ever before. SeaWave is more than jufPemallWMPl ulll dMMtfnidMMfi! 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SeaWave solutions are designed to work with your existing communications equipment, minimizing capital expenditures. Control is at your Fingertips: SeaWave STAR tracking software helps you monitor your vessel or fleet from your home, office or even via the Internet. Manage your account via our secure web portal mySeaWave. mySeaWave is your land based entry point to e-mail and billing information such as payment method, passwords, contact information or vessel id. Other Features include a life version of STAR, industry news & weather, fish and bunker prices and more. mySeaWave is another way professional mariners can control costs and increase value with SeaWave. OIOITAL @S6A Contact SeaWave today and let our sales professionals show you how you can reduce costs and add value to your communications solution right away. Sea Newport, Rhode Island • (800)746-6251 • Fax:(401)846-9012 • Email: sales@seawave.com • www.seawave.tom Circle 253 on Reader Service Card February 2004 15
