"The new agreement provides a clear foundation for a contractual relationship between the Marine Department and the classification societies in ensuring the safety standards of Hong Kong registered ships," he said.
Under the agreement, the seven classification societies are delegated by the Marine Department to carry out surveys and certifications of ships on the Hong Kong register. The agreements are valid for five years.
The Hong Kong Shipping Register, administered by the Marine Department, was established in December 1990.
The seven classification societies entered an agreement with the Marine Department are American Bureau of Shipping, Bureau Veritas, China Classification Society, Det Norske Veritas, Germanischer Lloyd, Lloyd's Register of Shipping and Nippon Kaiji Kyokai.
At today's ceremony, each society was presented with a CD-ROM which contains all relevant Hong Kong Shipping Ordinances and Regulations.
The CD-ROM, produced by the Marine Department in-house, is one of the department's initiatives to make use of new innovations in technology to enhance its efficiency. The department will update the CD-ROM from time to time.
End
Tender for 12th issue of Two-year Exchange Fund Notes
The Hong Kong Monetary Authority announced today (Monday) that the tender for the 12th issue of Two-year Exchange Fund Notes will be held on Monday, February 12, 1996 for settlement on Tuesday, February 13, 1996.
Similar to the previous issue, an amount of HK$500 million Two-year Notes will be on offer. In addition to that, another HK$100 million will be held as reserve by the Hong Kong Monetary Authority for supply to Market Makers in the secondary market. The Notes will mature on February 13, 1998 and will carry interest at the rate of 5.16% per annum payable semi-annually in arrears.
Page 10Page 11