MARITIME BRIEFS

MARITIME BRIEFS

CONGESTION EASING

AT INDONESIAN PORT

JAKARTA, Indonesia - Indonesian Transportation Minister Haryanto Dhanutirto said last week that service to containerships at Jakarta's Tanjung Priok port had improved considerably since May, according to newspaper reports.

The containerport, however, still faces problems due to equipment shortages, Mr. Haryanto said.

Zero waiting time for ships had increased to 78 percent as of this month, compared with only 12 percent in May, he added.

Waiting time of up to two hours declined, to 17 percent from 38 percent in May, and waiting time of two-to-eight hours fell, to 5 percent from 50 percent.

Congestion at Tanjung Priok - which handles 70 percent of Indonesia's cargo - had in the past few months been criticized by traders and ship lines.

DANISH YARD, CREDITORS

AGREE ON RESCUE PLAN

COPENHAGEN, Denmark - The troubled Danish shipping company Burmeister & Wain Holding agreed on a restructuring plan with U.S. and Danish creditors last week.

B&W said the proposal calls for creditors and bondholders to swap their loans for new equity in the company. The plan will be presented to bondholders Oct. 24, and, if approved, proposed to an extraordinary annual meeting on Nov. 10.

B&W went into receivership in June after it nearly ran out of cash and reported a 1994 net loss of 902 million kroner ($163.4 million) on sales of 1.75 billion kroner ($317 million). In receivership a company is supervised by a court-appointed manager. A Copenhagen probate court has given the shipyard until Dec. 27 to find a solution or face bankruptcy.

B&W, 151 years old and with 1,400 employees, has been hit by shipping and shipyard operation losses.