ABC VENTURE JOINS CAPESIZE BULK POOL

ABC VENTURE JOINS CAPESIZE BULK POOL    Associated Bulk Carriers, the capesize bulk shipping venture owned by Peninsular and Oriental Steam Navigation Co. and Eurotower Holdings SA, will form part of a new pool of capesize tonnage with Belships, Bocimar, A. P. Moller, OSG and Zodiac Maritime.
   P&O said that the pool is expected to be fully operational by early 2002 and will then control some 75 ships totaling in excess of 12 million deadweight tons.
   “As one of the world’s largest capesize operations, it will be able to keep pace with the increasing demands of the world’s leading steelmakers, power generators and raw material suppliers and traders which have been consolidating,” P&O said.
   The pool will be marketed under the name Cape International. The responsibilities of Cape International will be performed by Bocimar and Zodiac Maritime through their respective offices in Antwerp and London. Bocimar will be responsible for spot market negotiations, finance and pool administration.    Zodiac will be responsible for customer relations,
contracts of affreightment, vessel scheduling and certain spot market business.
   Representative offices in Singapore, Beijing and Tokyo will be responsible for Far East customer relations.    The Chief Executive of Cape International will be Benoit Timmermans, chief executive officer of Bocimar.