Product Carrier Market News

Belships fourth quarter operating income was $18.98, versus $7.8 million in 4Q 2002. The company's operating result totaled $4.2m. The operating income and operating result were affected by a strong dry bulk market. The product carrier business generated an operating result of $133,000 in the fourth quarter. The gas carrier business generated an operating result of $740,000 in the same period. The improvement is primarily due to the fact that, because of previous write-downs, there was no depreciation posted for the quarter. The dry bulk business generated an operating result for the fourth quarter of $4.1m. The positive results of Elkem Chartering (EC) have already been reported.

Seaarland Shipping Management and Nordic Tankers signed a joint venture that will see both of these companies enter the Handysize product carrier market. The joint venture will involve investment in modern second-hand vessels as well as new buildings. The vessels will be jointly owned by both partners in varying proportions. The first acquisition by the joint venture, the 2000-built 35,820 dwt Hanne, is to be concluded soon. Seaarland will be fully responsible for managing the vessels which will be operated in the Handytankers pool, currently made up of vessels from Seaarland, Maersk, D'Amico, Motia and CST.