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!

March 8, 2005

Color Line plans second Fantasy

Just one day after signing a letter of intent for the third delivery of what will be the world's largest cruise liner, Freedom of the Seas, Aker Yards has announced the signing of a letter of intent to build a sister vessel to "the world's largest cruise ship with car decks," Color Line's M/S Color Fantasy.

The contract value in the letter of intent between Aker Yards and Color Line is approximately Euros 300 million, which is at the same level as for M/S Color Fantasy, which was delivered December 2004.

The agreement is subject to certain conditions, including Color Line and Aker Yards board approval. The contract is anticipated to be made effective within the second quarter of 2005.

"We are extremely pleased to continue our strong relationship  with Color Line by building this sister vessel to M/S Color Fantasy." says Yrjoe Julin, President of Aker Finnyards.

"This LOI was signed as a result of the positive cooperation with the yard when building M/S Color Fantasy. The contract was fulfilled according to our expectations both with regards to cost and timing," said Color Line president Trond Kleivdal. The ship has expanded the market in general and has higher than expected booking rates.

"In particular we are very pleased to experience an increase of more than 50 percent bookings from the German market compared to 2004", said Kleivdal.

The new ship is scheduled to be delivered last quarter of 2007


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