Guangzhou Shipyard To Post Losses

Maritime Activity Reports, Inc.

February 27, 2001

China's Guangzhou Shipyard International Co. Ltd. expects to post significant losses for last year due to a provision for asset depreciation. The firm "wishes to inform the shareholders of the company and investors that the company is going to make a suitable provision for assets devaluation, it said in a statement. "The company is expected to record a significant loss in its consolidated financial accounts for the year ended December 31, 2000," the statement said. The company said it would release detailed 2000 results in April.
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