DAILY SHIPPING NEWSLETTER

DAILY SHIPPING NEWSLETTER : Friday 29-06-2001 EVENTS, INCIDENTS & OPERATIONS Pirates stormed by Navy A difficult anti-piracy operation using the resources of three nations ended yesterday afternoon as Indonesian naval and air units stormed the hijacked tanker Selayang. The International Maritime Bureau had tracked the ship from Kuala Lumpur. The vessel, chartered by Shell, with a cargo of 3,500 tons gas oil cargo and was hijacked on 19 June, after departing Port Dickson refinery bound for Labuan, Malaysia. The vessel s managers, Petrojaya Marine, said they were still unsure about the condition of 14 Indonesian crewmembers. Indonesia accounts for one third of the 68 pirate attacks reported globally in the first trimester this year, IMB reported. Petroleum product tankers are a principal targets with valuable cargoes fuel that are easily disposed of on the black market. The tanker is currently being towed to the port of Balik Papan. IMB's satellite tracking system, Shiploc, can be installed on ships so that they are easily tracked in the event of a hijack. The Captain of the tanker, Tirta Niaga, was currently being held for ransom in Aceh province. Ransom demands are said to be $87,750. Coflexip Stena changes Management structure Pierre Marie Valentin, Chairman and Chief Executive Officer of Coflexip announced that the management structure of the CSO Group has changed. A new Executive Committee has been nominated. The new CSO Group management structure was implemented on 26 June 2001. The Group's structure centres around two main areas of responsibility, operations reporting to the Chief Operating Officer and identity and processes, reporting directly to the Chief Executive Officer. Operations comprises both regional and product line. The four regional divisions are, Atlantic (Gulf of Mexico, West Africa); North Sea, Canada, Caspian (UK, Norway, the Netherlands, Denmark, Canada, Caspian); Brazil, South America; and Asia Pacific, Middle East (Australia, India, South East Asia, Middle East). The regional divisions will be responsible for commercial and project tasks directly with their clients. They will ensure proactive services for oil companies' projects using the products SURF (subsea, umbilicals, risers and flowlines) and Floaters. The new product line divisions are based on the two main work packages that clients are tendering to develop their deepwater fields. They manage the technologies, engineering resources and assets to be mobilised for the regions' products and services needs. PSi-Daily Shipping News Page 1 28-06-01

They support the regional units' efforts to market their projects according to their main profile, SURF or Floaters. The Floaters product line division provides tendering, engineering and marketing. Within operations, a Networks, Alliances, Operations Audit division is also created responsible for a new Group-wide Major Accounts program. A Conceptual Engineering division is formed in parallel to the regional and product line divisions, offering the market all types of field planning and front-end engineering services. This division will be headquartered in London with supporting offices in Aberdeen, Perth, Paris and in Rio de Janeiro. "Identity and Processes" is organised around six divisions - Corporate Technology; Group Human Resources; Group Systems Integration; Business Development and Strategy; Finance and Communications; Legal and Insurance - and a Corporate Audit position. The newly created Corporate Technology Division is in charge of ensuring that CSO maintains and reinforces its broad technological leadership. The new Executive Committee of the CSO Group, led by Pierre Marie Valentin, now consists of Thomas M. Ehret, Chief Operating Officer, Svein Eggen, Deputy Chief Operating Officer and Senior Executive Vice President Atlantic Region, Jean-François Mattei, Senior Executive Vice President, Group Human Resources and Group Systems Integration, Claire Giraut, Senior Executive Vice President, Finance and Communications, Kevin Wood, Senior Executive Vice President, Networks, Alliances and Operations Audit, Dag Jenssen, Executive Vice President, Deputy Atlantic Region, Jean-Michel Dumay, Executive Vice President, West Africa, David Cassie, Executive Vice President, North Sea, Canada and Caspian Region, Frederic Delormel, Executive Vice President, Brazil and South America, Steve Rogers, Executive Vice President; Asia Pacific-Middle East Region, Knut Boe, Executive Vice President, SURF Product Line, Dave Roquemore, Executive Vice President, Floaters Product Line, Dominique Henri, Executive Vice President, Business Development and Strategy I am confident this new structure will powerfully sustain our future success, matching our global strategic objectives and locally create synergies and value to the benefit of our clients, personnel and shareholders", said Pierre Marie Valentin, Chairman and CEO of the Coflexip Stena Offshore Group. Tom Ehret, Chief Operating Officer of the Coflexip Stena Offshore Group added, "The new organisation builds on CSO's past success with strong local presence and proximity to its clients. It will guarantee maximum flexibility of our teams throughout the world and quick availability of the most adapted assets and solutions to our clients. HBG and Ballast Nedam merge dredging activities Ballast Nedam and HBG will merge their dredging activities into a new joint venture between Ballast Nedam Baggeren and Hollandsche Aanneming Maatschappij. The two companies have signed a memorandum of understanding following intensive negotiations over recent months. The new company - Ballast HAM Baggeren bv - will operate on a stand-alone basis. Ballast Nedam is to transfer its shares in BNB to HAM in exchange for 1/3 HAM shares. The new name will be Ballast HAM Baggeren bv. HBG will receive a dividend payout of 91 million euros from HAM. Ballast Nedam s interests in the North American market in North American Trailing Company and Natco Ltd Partnership are not included in the transaction at this stage. Ballast Nedam is to obtain a put option giving the company the right to sell its interest in the new joint venture to HBG. The combination of BNB and HAM will create a strong dredging company with substantial positions in its home markets and on major long-term projects. In the preceding financial year, Ballast HAM Baggeren achieved a pro forma turnover of 558 million euros. The joint venture will have approximately 2,000 employees. In 2001, Ballast HAM Baggeren expects to achieve a turnover of PSi-Daily Shipping News Page 2 28-06-01

around 635 million euros. On completion of the merger Ballast HAM Baggeren will have a five member Board, three of whom come from HBG and two from Ballast Nedam. Mr Daan de Waard will be appointed as chairman of the Board. Head office will be located at a new address. The Supervisory Board of the new joint venture will be made up of five members, three of whom will be appointed by HBG and two by Ballast Nedam. Important strategic decisions will require unanimous approval or a qualified majority. No redundancies are expected as a result of the merger. The transaction should be completed by mid year, after a final due diligence investigation and clearance by the relevant authorities. Cursus voor bemanning PSD Woensdag 27 juni 2001 - MIDDELBURG - De kapiteins, stuurlieden en een aantal kwartiermeesters van de Provinciale Stoomboot Diensten (PSD) volgen vanaf september een speciale cursus waarin ze leren om te gaan met problemen. Daarnaast wordt in samenwerking met een maritiem onderzoeksinstituut een goede risico-analýse opgesteld. Aan de hand van die analýse kunnen Gedeputeerde Staten en de directie van de PSD maatregelen treffen om de veiligheid op de veerboten zonodig verder verbeteren. De eerste aanzet voor die analýse is al gemaakt, zo blijkt uit een notitie van Gedeputeerde Staten. Maar de verwachting is dat die analýse niet voldoende zou zijn in de ogen van de Raad voor de Transportveiligheid. Om die reden is gisteren door het dagelijks provinciebestuur dan ook besloten om de analýse te verbeteren. Vorige week publiceerde de Raad voor de Transportveiligheid een zeer kritisch rapport over de veiligheid bij de PSD. Het personeel op de veerboten is onvoldoende getraind en risicomanagement ontbreekt bij PSD, concludeerde de Raad na aanleiding van een ongeval op 13 november 1999 met de veerboot Prins Johan Friso. Dit schip liep destijds in dichte mist en door een sterke ebstroom aan de grond in de Buitenhaven van Vlissingen. Niemand raakte daarbij gewond. Het schip kon op eigen kracht weer vlot komen en zonder problemen de veerhaven binnen varen. Bij die stranding raakte destijds wel een van de aandrijvingstrusters zwaar beschadigd. Tijdens het onderzoek door de Raad bleek dat zelfs ervaren kapiteins de grootste moeite hebben de schepen bij mist en een zware stroom op een acceptabele wijze en zonder schade aan te meren in de Vlissingse Buitenhaven. "De bemanning is gewend op zicht te varen en is daardoor niet voldoende getraind om blind (dus alleen met behulp van instrumenten) de haven in te varen", meldde de Raad vorige week. De bemanningen van de veerverbindingen tussen Vlissingen en Breskens en Kruiningen en Perkpolder moeten daarom beter worden getraind om te kunnen omgaan met de risico's van het varen op deze routes. Uit een overzicht van de directie van de PSD blijkt dat er de laatste jaren al heel wat extra cursussen zijn ingevoerd. Training in modern ship simulators may prevent major disasters (SINGAPORE) Shipping disasters like Braer, Spyros and Amoco Cadiz may be eliminated through reenactment training in new state-of-the-art ship simulators, conference delegates were told. Speaking at the opening of the fifth International Conference on Engine Room Simulators (ICERS), jointly organised by the Singapore Maritime Academy (SMA) and the Maritime and Port Authority of Singapore (MPA), chairman Amit Ray told the gathering human error accounted for more than 80 per cent of all marine casualties. PSi-Daily Shipping News Page 3 28-06-01

He said the increasing attention paid to marine casualties and the statistics behind the major accidents highlighted the need for more advanced training systems and life-like simulators. 'It is the people on board the ships who often make a difference between a safe passage and a disaster,' he said. 'Safety, quality and global pollution threats from maritime activities have reached a new level of consciousness and concern for all. Increasingly the focus is now on the human element, quality of ships and qualification of personnel.' SMA lecturer C. Moganaveloo said the academy was building the world's first true-environment ship engine room simulator. Mr Moganaveloo said the multi-storey simulator would accurately re-create incidents where human error was the cause, or human skills could have saved the day, while trainees are safely on land. 'You can't afford to make mistakes at sea,' he said. He said the simulator was designed to provide as close to real, practical sea emergency training as possible, with exact reproductions of sound, controls and connections, eliminating the illusion that a working engine room would be a comfortable, quiet 'laboratory'. 'It will be the third dimension in simulators - the start of something new,' he added. Ultimately, the MPA and SMA will fully integrate the new engine room simulator with shiphandling simulators, a crisis management simulator, a vessel traffic system simulator and a global maritime distress safety system/search and rescue simulator - a first for the region. Indon Media Says Navy Ship Fired Warning Shots KUALA LUMPUR, June 28 (Bernama) -- An Indonesian internet newspaper today reported that the TNI-AL's (Indonesian navy) corvette "KRI Teuku Umar" had fired warning shots before a Malaysian fisherman was shot dead last Monday. Top : A sister ship of the Teuku Umar named the Tjut Nya Dhien (375) patrolling the Singapore Strait during June 1996 Photo : Piet Sinke The Media Indonesia Online said the Perak-registered fishing vessel PKFA 7774 was fishing in the republic's waters and had to be shot as it had changed course and was believed to have tried to ram the corvette. "The Malaysian fishing boat had tried to escape but was given warning shots and then it changed course and appeared to head for the KRI Teuku Umar's side," it said. The report said naval troopers from the corvette then boarded the PKFA 7774 but the fishing vessel sank while being towed to Belawan. PSi-Daily Shipping News Page 4 28-06-01

CASUALTY REPORTING 6 crewmen of Taiwan ship feared dead Six crew members of a Taiwanese fishing vessel, which capsized in Batanes last June 20, are now feared dead after a multinational rescue team failed to find any of the fishermen after seven days of searching, reports reaching Camp Aguinaldo said yesterday. The F/V Qing-Qing Fa capsized at six nautical miles of Batanes island for still unknown reasons. It had a crew of one Filipino, one Taiwanese and four Indonesians. The crew was reportedly able to send an SOS that was received by the Philippine Coast Guard (PCG), the Taipei Rescue Coordinating Center, and an international rescue center in Okinawa. The PCG sent an aircraft to the last known location of the capsized vessel while a search-and-rescue (SAR) helicopter from Okinawa was also dispatched to the area. The PCG also requested the crew of three Chinese fishing vessels in the area to help in the search. After several hours of scanning the area, the PCG aircraft and the SAR chopper went back to their bases as the search proved futile. The Chinese fishing boats were also allowed to proceed to their destination. The next day, the Okinawan chopper and PCG aircraft were joined by three more helicopters from the Philippine Air Force (PAF) but the stricken vessel was not found. On June 24, debris from the capsized vessel was sighted about 24 nautical miles east of Itbayat Island in Batanes by PCG aircraft and the SAR chopper but rescuers could not find any of the crewmen. At 6:15 a.m. next day, an PAF Aero Commander plane from Villamor Air Base in Pasay City, conducted an aerial search after the TRCC informed Okinawa and Philippine authorities of the location of the stricken vessel at six nautical miles west of Batanes Island. SHIPYARD NEWS Management Buyout offers for Cammell Laird Cammell Laird has cut back another 146 jobs in the UK, but a proposed management buyout of one of its yards may save hundreds more. Cammell Laird went into receivership last April and 600 jobs were cut in Britain this year after cancelled orders hit the yard. A spokeswoman for the group s receivers said that a management team had indicated an offer for Tyneside shipyard and they expect another offer for Birkenhead, which was established in 1824. The company s UK workforce now numbers around 770. The GMB trade union said the buyout offers may save jobs. Cammell Laird's financial strife signals the decline in Britain's formerly renowned shipbuilding industry. The company stopped trading its shares in April, when it had a stock market value of around 17 million pounds. Bond trading has continued and its eurobonds have dropped over the last week, as investors remain cautious over buyout offers. PSi-Daily Shipping News Page 5 28-06-01

Tropicale re-launch delayed COSTA S most recent acquisition from Carnival, the 35,190 GT cruise ship Costa Tropicale, has gone back to the Genoa shipyard to complete its extensive refurbishment, ultimately costing Lit70Bn ($31M) Lit20Bn more than originally estimated before starting its new Mediterranean season. The line has had to cancel the first two cruises, scheduled from Venice for the first half of July. The ship was officially inaugurated on June 23 in Genoa at the presence of Carnival president and CEO Micky Arison. Costa confirmed the cancellations, but did not elaborate on eventual liability for the postponement, resulting from technical delays in completing the conversion, a spokesperson told Fairplay. For the moment we are not assigning blame, he said. OOCL orders two more boxships at Samsung Hong Kong operator Orient Overseas Container Line (OOCL) has ordered two further 7,400-teu containerships at Samsung Heavy Industries in South Korea in an order worth $160m, the company said Wednesday. Theses latest orders take the liner operators' backlog of 7,400-teu ships at Samsung to six. Similar pairs of ships were ordered both in November 2000 and most recently April this year. The ships announced Wednesday are due for delivery in April and June 2004, OOCL said. The first two ships in the series will be delivered by the summer of next year with the third and fourth due in February and April 2004 respectively. OOCL expects 80% of the financing of the latest ships will be finalised from banks in the near future, with the balance funded from internal resources. Payment terms include five installments payable after contract signing, three months after this, upon steel cutting of each vessel, keel laying and finally delivery. ROUTE, PORTS & SERVICES NedCargo opens St. Petersburg office The improved business climate in Russia convinced NedCargo to improve its position by opening a local sales and marketing office in St. Petersburg. The company has selected International Transport Agency, as its partner to handle forwarding business in Russia. NedCargo can now offer a one-stop shop for cargo to and from Russia. 'We are convinced that International Transport Agency is the most suitable partner for NedCargo' Diederik Antvelink, CEO of NedCargo says. 'ITA has the right experience and an extensive network in Russia. Furthermore ITA is internationally oriented and is comfortable with information technology in the shipping industry' said Antvelink. Mr Vladimir Kuchinskiy, Managing Director of ITA noted that working together will create the possibility for both parties to optimise service and creates new business in door to door transport to and from Russia. Miss Maria Batanova, an expert in International Transport & Logistics Management will act as the representative of NedCargo in St Petersburg. She will be responsible for sales and marketing in Russia and will closely cooperate with ITA on import and export matters. PSi-Daily Shipping News Page 6 28-06-01

Grounding closes Sepetiba channel THE access channel to the Brazilian port of Sepetiba, 80 km south of Rio de Janeiro, was closed today after the 151,000 DWT Hong Kong-operated bulk carrier Dyna Gemini ran aground last night blocking channel. The vessel, carrying 170,00 tonnes of ore, sustained no hull damage and is expected to be freed today. At least one ship, the bulker Kalahari, is waiting to enter the port. Navy officers could not yet say whether the accident resulted from a dredging problem or human error. Wagner Victer, secretary of the state of Rio de Janeiro, said the grounding could give the port a bad image and called for an urgent conclusion to the investigation. Fugro verwacht 30 procent hoger resultaat in eerste halfjaar LEIDSCHENDAM (ANP) - Fugro denkt dat het nettoresultaat over de eerste helft van dit jaar ten minste 30 procent hoger uitkomt dan over dezelfde periode van vorig jaar. Het ingenieurs- en adviesbureau uit Leidschendam profiteert onder meer van een herstel van investeringen door de olie- en gasmaatschappijen. Fugro maakte donderdag ook bekend zes buitenlandse bedrijven te hebben overgenomen voor een totaalbedrag van 133 miljoen euro (f 293 miljoen). Fugro betaalt vooral voor de namen, want het overgrote deel van de overnamesom (103 miljoen euro) gaat op aan goodwill. De zes bedrijven, met in totaal 680 medewerkers, hebben gezamenlijk een jaaromzet van 75 miljoen euro. De grootste overname betreft Robertson Research Holdings. De onderneming in Noord-Wales heeft vijfhonderd mensen in dienst en is ook actief in Italië en Australië. De jaaromzet van de dienstverlener in de gas- en olieindustrie bedraagt 51 miljoen euro. Voor deze en toekomstige overnames overweegt Fugro de uitgifte van nieuwe aandelen, tot maximaal 9,9 procent van het geplaatste kapitaal. Wanneer de uitgifte plaatsvindt, wilde president-directeur G. Kramer donderdag niet zeggen. Hij zegt dat de emmissie geen verwatering van de winst per aandeel oplevert.,,door de overnames zal de winst per aandeel, ook na de uitgifte van aandelen, stijgen'', voorspelt Kramer. De overige overgenomen bedrijven zijn Geoid, Marcso, Kevron, Tesla en een deel van LaCoste Romberg-Scintrex. Fugro voert nog overleg met een aantal andere bedrijven over eventuele overnames in de tweede helft van dit jaar. Verder heeft de onderneming in totaal 30 miljoen euro genvesteerd in de bouw van een nieuw schip dat onderzoek kan doen in waterdieptes tot 3000 meter en de aankoop van onroerend goed in het Amerikaanse Houston. NAVY NEWS Navy explodes wartime mine A giant German World War II mine found off the north coast of Kent has been exploded by Royal Navy divers. The blast from the controlled detonation of the first mine was felt on land. A Royal Navy spokesman said: "The plume from the explosion was about 300ft high." A group of archaeology students from Southampton University discovered two 2000lb mines on the seabed four miles off Whitstable in June. The Navy's Portsmouth-based southern diving unit was called in and the mines were identified as among the largest of the German explosives laid during the war, designed to destroy battleships. An attempt to detonate a second mine failed and divers plan to return to the site to try again. PSi-Daily Shipping News Page 7 28-06-01

Lieutenant Graham Wilson, head of the diving unit, said exploding the mines was a complex operation. "We have to be very careful as the mines are still live, despite being on the seabed for all this time," he said. "Their construction is very good and it just takes one slip of the hand to make it go off. They are very, very sensitive." He said the devices have to be disposed of due to the hazard they present. "The mines present a danger to fishing vessels, shipping and communication cables lying on the seabed. "These are some of the largest mines laid during the war. Each one is about the same weight as a Mini." MOVEMENTS Sheikh buys Rotterdam drydock Top : The Heavylift vessel BLUE MARLIN arrived Thursday evening in the Europoort with the yacht loaded onboard Photo Piet Sinke ( sorry for the poor quality long distance picture!!! ) A DUBAI sheikh has purchased a Rotterdam drydock in order to complete his yacht. Schiedam-based ship repairer Rotterdam United Shipyards had been planning to dispose of No 5 dock for some time. MD Hans Godlieb confirmed that the yard had a disastrous first quarter, while the second proved little better. RUS is considering dismissing a third of its 320-strong workforce to stave off bankruptcy. The sheikh acquired the hull of the 160 m x 22 m yacht, ordered at a Hamburg yard, after its intended owner had to withdraw, but faced a problem completing the construction. This was solved by acquisition of the drydock. The yacht arrived in Rotterdam today by a heavy-lift ship BLUE MARLIN,will be loaded in the drydock, then both will be re-loaded and carried to Dubai where the yacht will be completed..at LAST BUT NOT LEAST.. Boot krijgt naam verpleegkundige Het hospitaalschip dat in Bangladesh is gebouwd en ingericht met geld uit de nalatenschap van de IJmuidense verpleegkundige Hilda Mattiesing, is in gebruik genomen. De 52-jarige Hilda Mattiesing liet bij haar dood, op 19 januari 1999, honderdduizenden guldens na. Een deel ging naar enkele kerken en liefdadigheidsinstellingen. Het merendeel had ze in haar testament bestemd voor iets dat met water, de medische wereld en Bangladesh had te maken. Het was aan de executeurs Henk en Elly van der Bruggen om aan die wens uitvoering te geven. Dat is inmiddels PSi-Daily Shipping News Page 8 28-06-01

gelukt. Met het hospitaalschip kunnen zo n dertigduizend gezinnen op de vele kleine eilandjes in het kustgebied van het dichtbevolkte land worden bereikt. Uitvoerder van het project is Terre des Hommes Nederland. Henk en Elly van der Bruggen hebben de bouw en inrichting van het schip op de voet gevolgd. Al eerder gingen ze zelf in Bangladesh kijken om zich te overtuigen dat het geld uit de erfenis van Hilda Mattiesing goed terecht kwam. Daarbij zagen ze met eigen ogen hoe nodig dit initiatief was. Op uitnodiging van Terre des Hommes vertrekken zij zondag opnieuw voor een bezoek van een week. Henk van der Bruggen:,,We hebben begrepen dat de boot klaar is en inmiddels in gebruik is genomen. Er worden per dag enkele honderden mensen behandeld. Hilda Mattiesing werkte in de jaren tachtig in Zuid-Amerika, onder andere in Suriname. Henk van der Bruggen:,,Ze was verpleegkundige, maar heeft daar midden in de jungle jarenlang kleinere operaties uitgevoerd onder abominabele omstandigheden. Over de walkie talkie kreeg ze dan instructies van een arts. Begin jaren negentig kwam Hilda Mattiesing terug naar IJmuiden. Ze woonde op het Zeewijkplein en werkte eerst in het Zeeweg Ziekenhuis en later in De Deo in Haarlem. Hilda Mattiesing overleed aan een ernstige leveraandoening, waarschijnlijk indirect een gevolg van de malaria die ze in Suriname opliep. Na hun terugkeer uit Bangladesh zullen Elly en Henk van der Bruggen in een interview in deze krant verslag doen van hun bevindingen. HAVE A LOOK AT THE FOLLOWING SITE FOR SHIPPING INFO AND PICTURES OF SHIPS AROUND HOEK VAN HOLLAND AT : http://home.soneraplaza.nl/qn/prive/j.vander.klooster/index.html PSi-Daily Shipping News Page 9 28-06-01