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DEPINGHAI, the last of three 74,500DWT bulk carriers built by Hudong Shipyard in China and supervised by us, was successfully deliveried to the owner--Cosco Qingdao on Feb. 3, 2002.

SEA RICHES, the last of three 27,900DWT log/bulk carriers built by NaiKai Zosen in Japan, was successfully deliveried to the owner on Sept. 4, 2001, bringing the first cooperation between Coscoship(Qingdao) Co., Ltd. and Lihai International Shipping Company Limited to a friutful end.

YONGJIA, a new bulk carrier with 74,500DWT built by HuDong Shipyard in China, was successfully launched at 2:35pm on Dec.28, 2000. The vessel is the third one of a four-ship contract between COSCO(HONGKONG) SHIPPING Co., Ltd. and HuDong shipyard, in which COSCOSHIP(QingDao) Co., Ltd. is in charge of the supervision as owner's representative.

Recently, QingDao BeiYang Boatbuilding Co., Ltd. came to an agreement with WeiHai Tourism Service Corporation on designing and manufacturing 8 coastal yachts, each with 100 seats. Every coastal yacht has a displacement at designed draft of about 50 metric tons and a speed at full load condition of 13 knots. It is another large sums of order that Qing Dao BeiYang Boatbuilding Co., Ltd. contract to accept after having steadily occupied the lifeboat market of COSCO fleet. And it is heavily significant for the implementation of the business strategy of the company.

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