Everard to address China WTO Shipping Summit
BIMCO's President, Michael Everard, has been invited to chair the opening session of the China World Trade Organization (WTO) Shipping Summit, which will be held in Shanghai, China, from 18 to 19 April 2002. After making the opening remarks on the first day, Mr. Everard will introduce the panel, which includes: Mr. Administration Department, Ministry of Communications (MOC); Mr. Cooperation (MOFTEC); Captain Wei Jiafu, President of China Ocean Shipping (Group) Company (COSCO) and member of the BIMCO Executive Committee; Mr. Dirk Fry, President of the International Ship Managers As-sociation (ISMA); Mr. Todd Pigeon, Vice President of Maersk Data USA Inc.; Mr. Flemming R. Jacobs, Group President and CEO of Neptune Orient Lines Ltd. (NOL); Mr. Sooho Cho, Vice Chairman of Hanjin Shipping Co.
SHI Wins Three New Contracts
South Korea's Samsung Heavy Industries reportedly has won three contracts totaling $580 million. The company will reportedly build: One LNG Carrier for Ras Laffan LNG Transport Ltd. of Qatar; Two petroleum products carriers for Euroceanica CTGM SA; and Five Containerships for Seaspan Container Lines Ltd. of Canada.
SHI Backlog: 110 Vessels
Someone forgot to inform South Korea's Samsung Heavy Industries (SHI) the world economy is in turmoil. SHI, one of the world's largest shipbuilders, reportedly won a $1.1 billion in orders from Canada and Europe. The deals bring the shipbuilder's backlog to 8.2 million gt, representing 110 vesssels, a workload that should keep the yard busy for about 2.5 years. The new contracts represent 13 containerships and seven tankers, with ships for Seaspan Container Lines Ltd of Canada and Reederei Claus-Peter Offen GmbH & Co of Germany. Meanwhile, the news from North America was not so bright, as defense company Northrop Grumman announced that it had significantly lowered its earnings outlook, as the company ups its interest payments in an attempt to pare its debt faster.
