SA MARINE Corporation has placed newbuilding orders for two Capesize
vessels of 172 000 tonnes, plus options for a further two vessels to be exercised by December 1999, with Hyundai Heavy Industries. Two Panamax vessels of
75 000 tonnes each were ordered from Daewoo. The vessels are due for delivery in 2001.
These vessels, designed for dry bulk trades, will be used in the worldwide trading operations of SafBulk and SafOre, the two bulk shipping operations of SA Marine Corporation. These acquisitions expand the current fleet of 13 owned and nine long-term chartered vessels, and give the company further capacity to increase its international customer network, particularly in the coal and iron ore markets.
Stamatis Restis, president of Capital Finance SA, the new owner of SAMC, told FTW: We believe that it is vital that more South African exports are carried by local operators, increasing not only foreign exchange income, but also invisible earnings, creating job opportunities and expanding the skills base in the bulk business.
These newbuilding orders are the first since the sale of the company by Safren to Capital Finance. They show the benefit of an aggressive industry player who understands the bulk business and is prepared to invest in
line with shipping cycles, SAMC chief executive Jan Rabie told FTW.
It is a great show of confidence in the South African operation.
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