P&O NEDLLOYD PLACES FIRST CHARTER CONTRACT WITH REEDEREI BLUE STAR

P&O NEDLLOYD PLACES FIRST CHARTER CONTRACT WITH REEDEREI BLUE STAR    P&O Nedlloyd has placed its first contract with its own, newly formed ship management company, Reederei Blue Star, based in Hamburg.
   The time charter agreement covers five 2,500-TEU ships, each for a period of five years, with the first deliveries commencing in late 2003. The vessels, which will be built by Hyundai Heavy Industries in Korea and owned by German KG private investors, will be used to replace older tonnage to cover positions in the P&O Nedlloyd network.
   P&O Nedlloyd said it created Reederei Blue Star to diversify its sources for chartered ships.
   'Our substantial chartering requirements mean that it is important for us to have access to the full range of ship provision channels,' said Rutger van Slobbe, P&O Nedlloyd's executive director. 'The formation of Reederi Blue Star in Germany will help to diversify our sources of supply.'