Fednov Signs $100M Contracts For lour Bulk Carriors

The Fednav Group of Companies, reportedly Canada's largest ocean-shipping enterprise, signed contracts for the construction of four new deep-sea bulk carriers at a cost of more than $100 million.

Specially designed to operate in and out of the Great Lakes/St. Lawrence Seaway system, the ships, with a deadweight capacity of34,000 tons, will be built at Jiangnan Shipyard in Shanghai, China. The yard —reportedly China's oldest—was founded in 1865 and can build a range of vessels up to 75,000 tons deadweight. Under the contracts, the four new ships are due for delivery in 1996 -1997.