bodyType

customContents

entityId

entityUuid

articlePageQuery

filter

article

articleBaseAdvertisingInfoArticle

articleListArticle

articleSeoArticle

hooksArticleAcknowledgementGateOverlayArticle

hooksTrackPageViewArticle

hooksContentInterestArticle

articleLinkingDataContent

hooksAmpRedirectArticle

articleSchemaContent

liveArticle

advertZone

sentiment

contentLock

topics

types

sections

paywallTypes

createdDate

publishedDate

sponsorType

urlAlias

moreOnThisArticles

commentCount

authorLocations

authors

corrections

displaySlideShow

multimediaEmbed

printHeadline

seriesContainer

articleSpeeches

socialHeadline

headline

images

flag

firstTopic

glossary

flattenTypeIds

image

relatedLinks

relatedNewsletters

__typename

sponsor

pdfFiles

seriesReverseOrder

series

disableOffPlatformContent

published

updatedDate

summary

subHeadline

body

keywords

readingTime

customTimezone

liveContents

Tai Chong Cheang Steamship (TCC) has pledged to place its next 173,000 deadweight tonne (dwt) Capesize bulk carrier on the Hong Kong shipping register.

 The group, headed by K.H. Koo, signed an agreement with Daewoo Heavy Industries in Hong Kong on Friday for construction of the US$35 million vessel.

 'We will register our vessel when it is delivered in 2001 on the Hong Kong flag to show our support for the register,' Mr Koo said.

 The group would place all its future ships on the register, he said, adding he hoped other Hong Kong shipowners also would give it support.

 The register has taken measures this year to make itself user-friendly and is offering competitive rates.

 A spokesman for the register said it now had seven million gross registered tonnes and was considering 19 new applications.

 TCC group has an option for a second bulk carrier of the same type.

 Mr Koo said the design was new and would perform better and be faster than other Daewoo vessels.

 The order marks an increase in Daewoo's shipbuilding capability, as the biggest vessel it has built so far was 169,000 dwt.

 TCC has two other vessels, a 105,000 dwt Aframax and a 170,000 dwt Capesize, under construction at Halla shipyard - both due for delivery in January.

 The market was improving, Mr Koo said, and he expected it to be even better next year. The group was seeing demand for transportation of iron ore, coal and steel products.

 Daewoo president and chief executive Young-Kyun Shin, who attended the signing ceremony, said Daewoo had 57 ships on order worth $3.5 billion.

 It had 1.5 million gross tonnes building capacity and was targeting $2.5 billion worth of contracts this year. Orders to August were worth $900 million.

 The yard was receiving many inquiries about tankers, chemical carriers and container vessels.

 Mr Shin said ship prices would rise this year but declined to speculate on the percentage.

 The yen's appreciation against the US dollar would increase opportunities for Korean shipyards, he said.

 Mr Shin said Daewoo's restructuring would be finished this year once legal procedures were completed.

 Daewoo is to spin off its shipyard operations, freeing it from the financial maelstrom afflicting the group.

 The shipbuilding divisions are aiming for revenue of $3.1 billion this year.



Deal signed with Daewoo for faster 173,000 dwt Capesize bulk carrier