Hongkong
The Times
16 March 1971
RECEIVED IN
RESISTRY No. 51
HKK 21/6
World Wide plans 1m tons of new ships
From Peter Hil Hongkong, March 15
Contracts involving more than Im. tons deadweight of new ships are expected to be placed by the Hongkong-based World Wide
(Shipping) Group later this year,
Mr. Y. K. Pao, the group's gov- erning director, said in Nagasaki, Japan, that World Wide was at present engaged in negotiations with a
number of prospective charterers of new tonnage.
Details have yet to be completed but Mr. Pao said an announcement of further contracts of more than Im. tons deadweight would pro- hably be made in the late summer. It is expected that the new tonnage will involve different types of ships but could well include orders for
more tankers.
1
Major oil companies with ships on charter from World Wide in- clude British Petroleum, Esso and
Texaco. Mr. Pao was in Nagasaki for the official naming ceremony of the group's largest tanker, the 233,200-ton d.w.t. World Mitsu- bishi. The ship was at Mitsubishi's Nagasaki yard and will go charter to shipping line later this month.
the Japanese Sanko
on
In the 15 months to January this year, World Wide placed orders for 38 ships costing more than £215m.
Harland and Wolff is building two 204,500 ton d.w.t. tankers for the group, and Swan Hunter has an order from World Wide for a 167,000 ton d.w.t. carrier.
yards could expect further orders
Asked whether United Kingdom, from World Wide, Mr. Pao said
this was under consideration. Con- tract prices, reasonable financial terms and, in particular, prompt by the group in placing new orders. deliveries were phe criteria applied
Danish rescue: Burmeister and Wain, the Danish shipbuilding con- cern, has found funds to enable it to continue operations and com- plete orders on hand, a general niceting was told yesterday. Most of this money would be provided by selling the marine diesel engine subsidiary formed in January this year.
Mr. C. Hill-Madsen, chairman of B. & W., said that renegotiation of fixed price contracts signed in 1967 and 1968 and a loan from
enough funds to allow it to con- enable the company to obtain the Government until 1975 would
tinue.
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