Owners enter calmer waters

Article Abstract:

Korea's shipping industry has experienced drastic reform since Jan 1998. It launched its international register in Apr 1998, which will give shipowners a 50% reduction in labor costs, flexibility in hiring crew and a tax level 50 times less than that applying to ships belonging to the first register. The government scrapped restrictions on foreigners having a more-than-50% interest in a Korean ocean-going shipping venture and a designated cargo system where only Korean national flag vessels could transport cargo. Korea has also repealed its Shipping Industry Promotion Act.

Laws, regulations and rules, Korea

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Second register expected to plug leak

Article Abstract:

Italy has established a second register called Confitarma that will enable companies to reduce taxes on profits from 53.2% to 7.5%. The new registry is designed to address Italy's declining shipping business. A survey of European shipping fleet competitiveness found that Italy lost 270 ships between 1979 and 1996. These ships represented nearly 3 million gross tons and 17,500 jobs. Lost international shipping business in 1997 alone reached 400,000g worth 1,200 billion lira.

Italy, Ships, Recording and registration, Ship registers

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Faster D-class joins round-world service

Article Abstract:

Evergreen Marine Corporation (Taiwan) Ltd. has received the delivery of the 4,211 TEU capacity container ship "Ever Dainty" from Mitsubishi shipyards of Kobe, Japan in July 1997. The 55,604 dwt D-class ship has a service speed of 25 knots and is powered by a Mitsubishi-Sulzer 12RTA84C engine which develops 48,630 kW. The vessel is scheduled to support the firm's R-class 4,229 ships in a 70-day westbound international service which begins in Tokyo, Japan.

Ship Building and Repairing, Cargo & Tanker Vessels, Design and construction, Transportation, Cargo ships, Evergreen Marine Corporation Ltd.

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