The recently enacted "American Jobs Creation Act" gives significant tax breaks to a number of U.S. industries--including shipping.

MARINE LOG and BLANK ROME will present a senior level seminar CHANGES IN U.S. TAXATION OF SHIPPING INCOME in Stamford, Conn. on April 5 & 6, 2004

Make sure you know how the new tax rules work!

February 03, 2005

Wartsila plans auxiliary engine production in China

Wartsila has signed a letter of intent with China Shipbuilding Industry Corporation (CSIC) to set up a 50/50 joint venture to manufacture marine auxiliary engines in China.

The location of the new factory will be in the Shanghai area.

The intention is to start the production of Auxpac W20 generating sets for the growing shipbuilding market in China and to sell these through the Wartsila global network.

The parties aim to finalize the negotiations during the first half of 2005.

China Shipbuilding Industry Corporation (CSIC) is one of the largest groups in China in the field of design, manufacture and trade of military and merchant ships, marine engineering and marine equipment. CSIC consists of 47 industrial enterprises, 28 scientific technological research institutes and 20 share-holding companies.

In 2004 CSIC's ship deliveries totaled 2.14 million DWT with an actual order book of 10.2 million DWT.


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