Tuesday, April 4, 2000

GATX and IMC in chemical tanker
joint venture

IMC Holdings Ltd. and GATX Capital Corporation have formed a 50-50 joint venture to own a fleet of chemical tankers. The joint venture has executed agreements to build and purchase four 45,000 dwt IMO II chemical tankers for delivery in 2001 and 2002. The vessels will be managed by an IMC subsidiary.

IMC Holdings, chaired by Frank Tsao Wen-king, was first listed on the Hong Kong Stock Exchange in 1972 under the name of International Maritime Carries (Holdings) Ltd. as the holding company for a number of shipowning subsidiaries incorporated overseas. Since then the group has reorganized. IMC Holdings Ltd., the holding company, is a Bermuda company and the group is listed on the Hong Kong and Singapore exchange.Its principal activities are owning and operating ships, shipyards, terminals and warehouses and providing logistics management services. A major owner and operator of dry bulk and liquid bulk vessels, IMC operates its own and third party vessels in several shipping pools based in Asia.

GATX Capital Corporation is a diversified global financial service company that provides financing for transportation, industrial and information technology assets. GATX Capital is a subsidiary of Chicago- based GATX Corporation.
Jesse Crews, president and CEO of GATX Capital said, "We are pleased to announce this joint venture with IMC Holdings. This partnership demonstrates our continued commitment to international markets and to working with partners to deliver comprehensive services to our customers."

GATX Capital and IMC Holdings say they "intend to explore other areas of cooperation based on their common vision to provide total integrated solutions for the supply chain needs of their chemical industry customers."


New orders for Friede Goldman Halter
Friede Goldman Halter, Inc. has recently finalized six new contracts with a total value of approximately $40 million.

The contracts are with :

The Venezuelan government for the construction of two 153-footLCU-type logistics support vessels. Financing for the project has been secured through the Export-Import Bank and all guarantees have been obtained. Construction for the vessels is anticipated to begin during the second quarter at the Moss Point Marine shipyard in Escatawpa, MS and delivery is slated for the fourth quarter of 2001.

Atwood Oceanics for the design and construction of a deepwater mooring system. The 8-point combination traction-winch/windlass mooring system will be installed on the Atwood Eagle, a semisubmersible drilling rig capable of operating in water depths up to 5,000 feet. The project will be designed by the FGH Engineered Products Group's AmClyde division and manufactured at the group's BLM Offshore facility in Nantes, France. Delivery is scheduled for January 2001.

Transocean Sedco Forex for winterization of SEDCO 714 semisubmersible drilling unit. The work will be performed at Friede Goldman Newfoundland's Cow Head Offshore fabrication facility in Newfoundland, Canada. The initial scope of work is expected to be completed by the end of the second quarter.

Atwood Oceanics for the fabrication and installation of equipment to enhance seafloor sliding characteristics for the Atwood Richmond submersible drilling unit. Work has begun at Friede Goldman Offshore Texas' Dockyard facility and is expected to be completed by the end of the second quarter of 2000.

Subsidiaries of Harrah's Entertainment, Inc. for the construction of two casino barges. Fabrication of blockmodules will take place at the Halter Gulfport facility with final assembly at the company's Port Bienville shipyard. Completion is scheduled for second quarter of 2000.

Thoma-Sea Boat Builders for the construction of a 150' x 50' tugboat hull and superstructure. The project will be executed
at the company's Lockport, LA yard and is scheduled for completion in the fourth quarter of 2000.

 

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