SHIP VENTURE TO LINK
NORTH, SOUTH KOREASEOUL, South Korea - A South Korean-Chinese joint venture shipping company will launch the first regular shipping service between North and South Korea on Sept. 11, the company's South Korean agent announced Thursday.
A 1,600-ton containership of the company, Tong Yong Shipping, will make a round trip every week between Pusan, South Korea, and Rajin, the free economic zone in North Korea, officials said.
The ship will carry cargoes to and from the Yanbian Korean Autonomous
Prefecture in Jilin Province, China, on the North Korean border, where South Korean companies have set up operations, the officials said.
CHINA'S ZHEJIANG PLANS
BIG DEEP-WATER PORT
BEIJING - Eastern Zhejiang province plans to build a deep-water port for 250,000-deadweight-ton ships to handle ore, the Oceanographic News reported, saying it will be China's deepest port upon completion.
The project calls for one berth for 250,000-dwt. ships and two for 25,000- and 35,000-tonners. The designed handling capacity for the whole port is 20 million metric tons annually.
The port will be located at Majishan at the mouth of the Yangtze River. Investment of up to 2.27 billion yuan ($273 million) will be needed in its first phase, the newspaper said.
PLANS SHARE ISSUE
SHENZHEN, China - Dayang Oceanshipping Co. said this week it will issue 60 million B shares for overseas investors to facilitate fleet expansion. The company expects to raise about 110 million yuan ($12 million) to finance the
purchase of two containerships with capacity equivalent to 338 20-foot boxes.
Financial details and the timetable were not disclosed.
China Merchants Bank Securities will act as domestic lead underwriter of the issue, while J.P. Morgan & Co. of New York will serve as overseas underwriter and international coordinator.
Dayang Oceanshipping owns five container vessels with combined capacity of 1,908 TEU. In 1994, it made after-tax profit of 40 million yuan.
CONN. LAW FIRM ADDS
OFFICE IN PROVIDENCE
NORWALK, Conn. - A Norwalk maritime law firm, Lovejoy & Associates, has opened an office in Providence, R.I.
The new office is located at 1536 Westminster St. The telephone number is (401) 273-7747.
INTERMARINE GETS AWARD
FOR WORKPLACE SAFETY
NEW ORLEANS - Intermarine Inc. was recently awarded the 1995 Louisiana Workers Compensation Corp. Safe Workplace Award.
The award was created by LWCC to acknowledge achievements in improving workplace safety and accident prevention.
"Through your safety experience, you have not only accomplished much for your own company, but also for your employees, other policyholders, your industry, and LWCC as will," Bill Mesa, senior vice president of policy services at LWCC, said in an announcement.
NYK HOLDS MEMORIAL
FOR WWII WORKERS
TOKYO - Nippon Yusen Kaisha held a 50-year memorial service Tuesday for employees who died while working during World War II.
The service was held at the NYK Maritime Museum in Yokohama. NYK's chairman, Jiro Nemoto, gave a speech in appreciation of the 5,700 lost employees and to encourage the younger generation to live peacefully.
NYK said it will exhibit the memorial statue, which was made in 1955, at the museum through Sept. 24.