DAILY SHIPPING NEWSLETTER 2004 213

Number 213***DAILY SHIPPING NEWSLETTER***Friday 22-10-2004

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The loaded BERGE STAHL enroute from South America to Rotterdam

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EVENTS, INCIDENTS & OPERATIONS

A billow caused by Typhoon

Tokage clashes against a
seawall in a harbor in Beppu,
Oita Prefecture, southwestern
Japan, Wednesday morning,
Oct. 20, 2004. Police said two
people had died, at least seven
others were missing and 16
injured as the powerful typhoon
lashed southern Japan with
heavy rains Wednesday.

Stelmar profits drop

Stelmar Shipping bucked the trend
today to report a 15% drop in earnings
for the third quarter despite record
results across the rest of the sector.

Left :

The Aframax JACAMAR of the Stelmar

fleet

The Athens-based operator posted a

profit of $9.07m for the period ended
30 September. It compares to a gain
of $10.7m in the same quarter last
year. The culprit: $11.33m in fees to
advisors in connection with its strategic
review. The extraordinary charge
amounted to some $0.65 per share.

Analysts rather forlornly pointed out the company had beaten profit expectations by $0.07 per share
discounting the extraordinary item. Revenue for the quarter rose 67% to $69.4m.

The company gave no comment on the cost of the strategic review, which was initiated earlier this
year after the failed takeover bid by OMI Corp. The review resulted in management backing a new
offer by US-based Fortress Investment Group. Following the conclusion of this strategic review, the
board of directors unanimously approved a merger with affiliates of Fortress Invesment Group,said
chief executive Peter Goodfellow.

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Net income for the nine months ended 30 September was $40.6m against $26.6m in 2003 including
total review costs of $12m. Revenue rose from $130.6m to $180.7m.

Right: The panamax tanker

JADEMAR of the Stelmar fleet

Some 80% of the company's net

operating days were committed to
time-charters during the quarter.

Stelmar's strategic review was

announced on 28 June and was
carried out by US investment banks
Morgan Stanley and Jefferies & Co.
Its stated goal was to "review
strategic alternatives for further
enhancing shareholder
value...including the continued
execution of the Company's
successful stand-alone business
strategy as well as a range of possible alternatives, such as acquisitions, strategic alliances, business
combinations, the sale of the Company and others". Stelmar founder Stelios Haji-Ioannou said today
he believed the cost of the review represented another transfer of wealth away from shareholders, and
that it should have been undertaken on a success-fee basis only.

QUIET WEEK ON PIRACY FRONT

THERE was only one report to the ICC International Maritime Bureau
s Piracy Centre in Kuala Lumpur
in the week to Monday October 18.

Unusually there were no reports of any attacks or suspicious craft in the Malacca Strait/Singapore
Strait area or in Indonesian waters.

The sole incident reported took place at Buenaventura anchorage, Colombia. Ten robbers boarded a
general cargo ship using long pole with hooks. They broke open forecastle locker and stole ship's
stores. The alarm was raised and crew used flares to deter boarders. The robbers jumped into water
and escaped. The master reported that this was third attack on his vessel in the port in past two
months.

TANKERS TO PAY FOR PANAMA OIL

PLAN
THE Panama Canal Authority (ACP) is to charge tankers to fund its oil response programme.

The ACP says it will incur additional investments or expenditures in order to procure the necessary
emergency equipment to cover response, recovery, storage and clean-up capabilities.

A tariff based on cargo capacity has been published, with surcharges for non-double hull vessels. A
tanker capable of carrying more than 15,000 tonnes will pay US$750 per transit with single hull tankers
paying a surcharge of 50%.

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CASUALTY REPORTING
NYK containership on fire in the Med

A BRAND new post-panamax containership owned by NYK caught fire in the Mediterranean last night
and is now heading to Southampton at reduced speed. The 6,500 teu 284 mtr long NYK Argus had
passed through the Suez canal and was about 120 km north of Algeria and when the blaze broke out
in one of the cargo holds that has now been sealed.

There were no injuries among the 27-strong crew, said James Kirsop, deputy managing director for
NYK Line in London. Neither has there been any pollution. The Panamanian-registered ship is deployed
on Loop A of the Grand Alliance's Asia-Europe services. The containers in the number three hold that
caught alight were not loaded with any dangerous cargo, the company said.

The ship, which was delivered just a few months ago, is continuing to Southampton under its own
power.

Aker Finnyards in containership

agreement
Aker Finnyards, a part of Aker Yards, has signed a Letter of Intent with Sweden's B & N Nordsjofrakt
covering construction of three container vessels.

The vessels are intended to operate on the Gulf of Bothnia, between Kemi and Oulu in Finland and
Gothenburg in Sweden.

B & N and Stora Enso intend to enter into a 15 years charter agreement for the vessels to carry special
SECU containers (StoraEnso Container Units). The 15,000 dwt vessels will be 188 m long, 26 m wide
and can take 155 special size containers each.

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The contract, worth in all around Euros 150 million (about US $187 million), implies about 1,000 man-
years of work. All three vessels are planned for delivery in 2006.

"We are delighted to have signed this Letter of Intent", says Jyrki Heinimaa, President of Aker
Finnyards in Rauma. "These vessels will sail in heavy ice conditions during the wintertime, and Aker
Yards has significant knowledge in icegoing technology, having built all of the world's three
multipurpose icebreakers."

SHIPYARD NEWS

The FLINTERWAVE under construction at the Volharding shipyard - photo : Ton Grootenboer

VT Halter marine launches PCTC

VT Halter Marine has
launched the MV Jean
Anne, the first Pure Car
Truck Carrier (PCTC) to be
built in the United States.
Built at VT Halter Marine's
Pascagoula, Miss. facility,
Jean Anne is one of the
largest vessels to be launched
by a U.S. mid-tier shipyard.

VT Halter Marine is a subsidiary of Vision Technologies Systems Inc. (VTS).

The ship is owned and operated by Pasha Hawaii Transport Lines, a joint venture between The Pasha
Group, a Corte Madera, California-based global transportation and logistics provider, and Strong Vessel
Operators LLC, a Stamford, Connecticut-based shipowner and operator.

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Measuring 579 feet

overall, with a beam of
102 feet and a draft of
28 feet, the 13,000 dwt,
20-knot PCTC has the
capacity to transport
more than 3000 vehicles
as well as other rolling
stock, household goods
and containerized
cargoes. She has 10
decks, including 3
hoistable decks, served
by a 100-ton stern ramp
that can handle heavy
construction equipment.
With clear overhead
heights up to 16.7 feet
and over 120,000 square
feet of over high and wide (OHW) cargo space on these specialized decks, Jean Anne offers flexible
capability for OHW shippers.

More than 6,150 rollers were used to move the 13,000 DWT PCTC across 700 feet of land where
winches pulled the vessel unto a dry-dock. Once onboard, the dry dock was lowered in place and Jean
Anne floated free.

"Today marks the successful launching of the first modern PCTC to be built in the U.S. for the Jones
Act trade," said George W. Pasha IV, President of PHTL. "Congratulations to VT Halter Marine on
achieving this important milestone. We are pleased with the ongoing cooperation with CEO Butch King
and his team and look forward to the delivery of M.V. Jean Anne and commencing our service
between California and the Hawaiian Islands in March."

"The launch of Jean

Anne is particularly
significant for VT Halter
Marine as it is the first
PCTC to be built in the
U.S.," said VT Halter
Marine CEOBoyd E. King.
"VT Halter Marine is
proud to make our mark by setting a first in US shipbuilding. Jean Anne was designed and built to
meet Pasha Hawaii Transport Line's requirements for faster delivery, expeditious processing, increased
efficiency and lower costs. Her launch is also testimony that VT Halter Marine is moving forward in its
quest to secure shipbuilding projects for highly sophisticated vessels in multi-market sectors."

NASSCO starts fourth Alaska class tanker

National Steel and Shipbuilding Company (NASSCO), a wholly owned subsidiary of General Dynamics
recently held a start-of-construction ceremony for NASSCO Hull 487, the fourth of four Alaska Class,
double-hull oil tankers being constructed for BP Oil Shipping Company, U.S.A.

BP's Site Team Member Richard Blaine activated a robotic welding machine and cut the first piece of
steel for the new ship.

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"These double-hull tankers are among the most environmentally friendly ships ever built, incorporating
the latest in tanker design and construction," said Richard Vortmann, president of NASSCO. "They will
provide BP with the best available technology to protect U.S. waters."

Vortmann said the design of the four 1.3-million-barrel-capacity tankers in the Alaska Class will allow
maximum flexibility for oil deliveries to West Coast ports, including BP refineries in Los Angeles and
Cherry Point, Wash.

Vortmann added that NASSCO is continuing to hire people to fill hundreds of positions that remain
available for this and other shipbuilding programs in the company's 10-ship backlog.

The first ship, the Alaskan Frontier, was delivered to BP on August 11. On July 2, the second ship
was floated out of NASSCO's graving dock following structural erection and its fitting out continues
pierside. The third ship is under construction in the graving dock. The second, third and fourth ships
are to be delivered in 2005 and 2006.

Izar faces EUR 556m bill

Struggling Spanish state-owned yard group Izar has been hit with a huge demand for the repayment
of illegal state aid. The European Commission (EC) said on Wednesday that EUR 556m ($701m) was
used to cover losses and to provide other forms of support to civil shipbuilding.

it said this was not in line with the rules and the Commission, therefore, concludes that this amount
has to be recovered from Izar.It did not reveal a timetable for paying back the money to the Spanish
government.

Izar is desperately trying to find new orders, while workers protest at plans to privatise at least some
of its activities.
The total restructuring package in the 1990s amounted to EUR 1.9bn. The restructuring period lasted
from 1994 to 1998, after which the shipyards should have become profitable, the EC said.

This did not happen, and the shipyards have continued to generate losses. The rest of the capital was
used to cover social costs and other costs linked to past and recent military activities of Izar and its
predecessor Bazan,it said. Funds for military activities are in principle not covered by European
Union s state aid rules.

Aker order mystery solved

Hong Kong-based Swire Pacific has emerged as the owner that placed a NOK 1.5bn ($226.5m) order at
Aker Yards. The Norwegian yard group announced on Friday that it had received a contract of this size,
but would not reveal further details.

According to the Norwegian daily Dagens Naeringsliv, Swire has ordered three combined ice-
breakers/supply ships. They are set to be employed by Shell on the Sakhalin 2 field in Russia.

Swire is co-operating with Primorsk Shipping of Russia and was competing with the Dutch firm Smith
co-operating with Semco of Russia. Director Tore Langballe of Aker declines to comment.

The ships of the UT 758 Ice type have been designed by Rolls-Royce Commercial Marine in Ullsteinvik
and according to the paper construction work is likely to be split between the Aker Yards firms
Brattvaag, Soviknes and Langsten.

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ROUTE, PORTS & SERVICES

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K.P. van der Mandelelaan 34 - 3062 MB Rotterdam (Brainpark) - The Netherlands
Telephone : (31) 10 - 453 03 77
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E-mail : mail@workships.nl
Telex : 24390 wosh nl

The CLIPPER LEGEND moored at buoy 78 in the Caland canal Photo : Henk Dekker

Yingkou-Yantai-Quanzhou service up
and running
YINGKOU Lifen Container Transport Ltd. has started a new direct container service that makes port of
calls at Yingkou, Yantai and Quanzhou in China, reported Xinhua.

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 DAILY SHIPPING NEWSLETTER 2004 213

The service operates once every 10 days and uses a 429-TEU vessel operated by the shipping
company. The maiden voyage was undertaken by the Century No. 1, which departed from Yantai
carrying a 179-TEU load. The news report added that Yantai port handled 85,000 TEU during the first
three quarters of 2004, up 30 per cent over the same period the previous year.

Irish Ferries cuts costs and jobs

Irish Continental Group (ICG), the owner of Irish Ferries, is laying off up to 150 workers to cut costs on
its Ireland to France route.

An outside crew agency will be used to provide European Union nationals to staff the 25,700gt
Normandy (built 1982), which runs between Rosslare in Ireland and Roscoff and Cherbourg in France
between March and November. The measures will incur an exceptional charge in the accounts this year
of about EUR 7m ($8.81m). ICG said the volume of cars carried on the route had fallen 7% in the year
to date compared with 2003.

The move was a consequence of demand in the market place for lower fares, together with additional
competition from sea and air carriers.It reorganised working practices earlier this year to counter the
effects of wage inflation in Ireland.

Top : The IRISH FERRIES vessel NORMANDY seen here departing from Cherbourg bound for Roscoff
photo : Piet Sinke

Of the 150 jobs at risk, 125 are permanent and 25 are long-service temporary staff, but a voluntary
severance package will be offered throughout the fleet. Those who do not want to leave will be offered
a transfer to the group s three Irish Sea ships.

Irish Ferries employs a total of 1,200 people. UK group P&O said last month it was considering bringing
in a shipmanagement company for its fleet.

Second LNG ship will boost AP

Mller-Maersk initiative
The re-entry of AP Mller-Maersk into the LNG trades came to fruition in April 2004 with the delivery of
the 138,000 cu m Maersk Ras Laffan by Samsung Heavy Industries in South Korea.

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The ship is on charter to RasGas of Qatar for 25 years and is currently carrying LNG from the RasGas
terminal in the Qatari port of Ras Laffan to Spain. Qatar Shipping is AP Mller
s local partner in the
venture, with Mller holding a 75% stake in the shipowning company and Q Ship 25%.

The new vessel will be joined in the group

s Maersk Tankers fleet by a second LNG carrier from
Samsung in April 2006.

The second ship is marginally larger, at 145,000 cu m, and the ownership and chartering arrangements
will be the same as for the first vessel.

The Samsung ships represent the start of a drive to establish our presence in the LNG carrier sector,
states Jeppe Jensen, senior vice- president and head of LNG at Maersk Tankers We are pleased to be
associated with Qatar with our first two ships.

It is a country that will be vying for the title of world

s leading LNG export nation by 2006.

AP Mller-Maersk brings considerable experience of gas shipping to its new LNG venture through its
various affiliates. Maersk Tankers, for example, operates a fleet of 60 semi-refrigerated gas carriers in
its SkandiGas pool.

Another company, Maersk Contractors, operates a diversified fleet of rigs and floating vessels, the
latter including Nkossa II, a floating liquefied petroleum gas storage and offloading (FGSO) vessel
stationed in waters off the coast of the Congo.

The LNG shipping function previously came under the aegis of Maersk Contractors but has now been
separated as a new division within Maersk Tankers to provide AP Mller-Maersk with a dedicated focus
on LNG and the expansion of its LNGC fleet.

The group has had past involvement in the LNG sector. In the early 1970s AP Mller was one of the
original contracting partners for the 87,500 cu m LNG Challenger , subsequently sold on and
renamed Pollenger and Asake Maru .

Also, in 1996 the Danish shipowner chartered her sistership, Norman Lady , and entered into a
charter arrangement with Spanish importer Enagas to transport LNG from Abu Dhabi to Spain. That
contract expired in March 1999.

Maersk is a ship operator geared to applying our expertise in technically advanced shipping
segments,adds Jeppe Jensen. As such, the move into LNG is a natural progression for us.

As part of our efforts to strengthen this involvement in future, Maersk is monitoring the LNG market
carefully and participating in the tendering processes for several new projects. We have adopted a
flexible approach, in order to be able to meet a wide range of customer requirements and charter
structures.

VARUN PROFIT SOARS

INDIAN shipowner Varun Shipping's made a Q3 profit after tax of Rs.211.91 million (US4.63m), an
increase of 315 per cent to as compared Q3, 2003.

The company's revenue from operations for the quarter ended 30th September, 2004 was Rs.952.11m
compared to Rs.678.07 million for the corresponding quarter in the previous year.

Varun says that the increase in profit is due to continued global buoyancy in freight rates particularly in
LPG carriers and faster turnaround of company's ships.

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The company recently acquired its sixth LPG carrier, Maharshi Shubhatreya with a cargo carrying
capacity of 43,670 cu m. It now owns the largest LPG fleet in India. The company has also entered
into a memorandum of agreement for acquisition of its seventh LPG carrier which will be delivered in
the current quarter. The company has also entered into Memorandum of Agreements for sale of its
older tankers Shakti Doot and Vishwa Doot.

EXTENDED CONTRACTS FOR FRED

OLSEN DRILLSHIPS
FRED Olsen Energy subsidiary Dolphin has received letters of intent from Norsk Hydro Produksjon and
Statoil for the extension of the drilling contracts for the semi submersible drilling rigs Bideford
Dolphin and Borgland Dolphin in deals worth US$122m and US68m respectively. The letter of
intent from Norsk Hydro Produksjon relates to the drilling rig Bideford Dolphin and comprises drilling
of up to 9 wells on the Norwegian continental shelf, including 7 wells in connection with the planned
development of the Fram field. Planned commencement is immediately following the expiry of the
existing contract with Norsk Hydro Produksjon in May 2005. Anticipated duration of the drilling
program is 19 months. Norsk Hydro Produksjon has options for up to 24 months extension after
completion of the drilling program. The duration is subject to the licences' and the government's
approval of the development plan for the Fram field during spring 2005. Estimated contract value is
NOK 800 million, approximately (excl. option). Statoil has notified its intention to declare its option for
a 12 months extension of the existing drilling contract for the drilling rig Borgland Dolphin from
31.12.2005 for one year ahead. The rig is intended to operate in the Tampen area on the Norwegian
continental shelf. The letter of intent is subject to approval of the other licensees.

NAVY NEWS
Lockheed Martin LCS passes major
milestone
With the successful on-schedule completion of the Initial Critical Design Review (ICDR), the Lockheed
Martin Littoral Combat Ship (LCS) team is proceeding to Final Critical Design Review--the last program
milestone leading to authorization to begin construction of the first LCS.

Lockheed Martin
thoroughly
addressed all the
required elements
and demonstrated
their commitment
to the LCS
program, schedule
and budget with
disciplined
attention to detail
and a can-do
management
approach,said
Capt. Don

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Babcock, the Navys LCS program manager. The Lockheed Martin team is on schedule and on target
to provide the Navy with the first in a new class of vessel that will transform warfare in the littorals.

ICDR included customer approval of final design elements, such as general arrangements, drawings
and initial manning concepts.

As approved, the LCS will provide the Navy with a new type of naval combatant designed to dominate
the worlds coastal waters. the Lockheed Martin LCS team will now complete the final design phase in
preparation for the Final Critical Design Review , scheduled for December.

We are working closely with the Navy to deliver real warfighting capability to the littoral battlespace,
with a continued focus on a low-risk, low-cost solution,said Carol Hulgus, vice president and general
manager of Lockheed Martin Maritime Systems & SensorsLittoral Ships & Systems line of business.
Our team has the people and facilities in place to deliver the lead ship on schedule in 2006, and our
design maturity is demonstrated by our on-schedule program execution.

The Lockheed Martin team recently opened the Mission Systems Integration Center (MSIC) in
Moorestown, N.J,. which provides a full-scale LCS Mission Control Center.

The MSIC will be used to integrate and test the LCS Mission System, including COMBATSS-21, as well
as for initial crew familiarization and training, further reducing program risk prior to ship construction.

The team is also preparing for high sea state performance model tests of its semi-planing monohull at
the Naval Surface Warfare Center-Carderock Division in Carderock, MD.

LCS, a revolutionary naval combatant designed to dominate the world s coastal waters, provides the
Navy with fast, maneuverable and shallow draft ships aimed at maximizing mission flexibility. The
ship
s first missions will include mine warfare, anti-submarine warfare and surface warfare.

The Lockheed Martin team was awarded a contract for final design in May, with options for up to two
Flight 0, or initial production, ships. Lockheed Martin is scheduled to begin construction of the lead ship
at Marinette Marine in Marinette, WI, in the first quarter of 2005. The Lockheed Martin-led team
includes naval architect Gibbs & Cox and shipbuilders Marinette Marine and Bollinger Shipyards. The
team designed a low-risk, affordable solution that provides the Navy with a maneuverable, flexible,
networked surface combatant.

MOVEMENTS
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The CLIPPER VALOUR lost control on her steering and nearly ran aground at the Maasvlakte and
was saved by the bell (2 SMIT tugs)
Photos : Hugo van der Slot

The pilot cutter MARKAB at Maas pilot station

Photo : Dirk Kleijn

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The Russian icebreaker Kapitan Khlebnikov arrived in Rio de Janeiro

Photo : Daniel R Carneiro

The CSO DEEP BLUE is operating in Egypt, pipe laying on the Simian/Sienna & Sapphire
Project
Photo : Capt. Magnar Slettevoll - Master of M/V Skandi Carla

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The CAROLINE WONSILD enroute Rotterdam photo : Frits Janse

AIRCRAFT / AIRPORT NEWS

Bod op failliet V-Bird
Een onbekende investeerder heeft een bod uitgebracht op de failliete
luchtvaartmaatschappij V-Bird. Dat heeft curator B. Meijs woensdag laten weten. Hij wilde
niet op de details ingaan.

De curator praat bovendien met een tweede partij over een mogelijke doorstart voor V-Bird. Deze
geldschieter komt waarschijnlijk volgende week met een concreet bod.

De curator en de twee investeerders kijken naar de mogelijkheden om met minder vliegtuigen, minder
personeel en een aangepast netwerk de prijsvechter in de lucht te houden. Een van de partijen komt
uit Nederland, de andere is afkomstig uit een lidstaat van de Europese Unie.

RIJNMOND WEATHER
Vooruitzichten van vrijdag t/m maandag:
BOTERZACHTE ZONDAG!

Af en toe zon en kans op een bui. Zondag perioden met zon en warm. Het blijft tamelijk
stevig waaien en veel te zacht voor eind oktober.

Ed Aldus 2004 VR-22 ZA-23 ZO-24 MA-25

Maximumtemperatuur: 16 16 19 16
Minimumtemperatuur: 11 12 13 13
Zonnekans in %: 30 20 40 30
Neerslagkans in %: 30 50 20 30
Neerslag in mm: 1 2 1 1
Windrichting kracht: ZW-4-6 ZW-4-6 Z-4-6 ZW-4-6

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. PHOTO OF THE DAY ..

The TALAGY seen here arriving at the Parkkade in Rotterdam

Photo : Nico Ouwehand

SMITWIJS TOWAGE B.V.

Westplein 5b
3016 BM Rotterdam
The Netherlands
Telephone: +31 10 412 6969
Telefax:+31 10 436 9587
E-mail: SmitWijs@SmitWijs.com

PSi-Daily Shipping News Page 16 10/21/2004