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COSCO CONFIRMS ORDER OF TWO TANKERS

COSCO CONFIRMS ORDER OF TWO TANKERS

   China Ocean Shipping Co. has signed a contract for the construction of
two Panamax crude oil and black oil product tankers by the Chinese shipyard
Dalian New Shipyard.
   The two crude tankers will be 229-meter long, 32.2-meter wide and
19.2-meter deep, with a draught of 12.19 meters and a deadweight of 68,000 tons. The
tankers will be delivered in December 2000 and March 2001.