November 6, 2002

GL sets new growth target

More than a year earlier than planned, Germanischer Lloyd has beaten a target of "40 million GT under GL class", originally set for the end of 2003. On October 31, 2002, the GL-classed fleet stood at 40.2 million GT.

A new growth target has now been set: by the end of 2005, GL aims to class a fleet of 45 million GT. GL intends to expand its leading position with containerships and also to grow in other market segments, Executive Board Member Dr. Hans G. Payer said in London earlier this week.

"Despite the difficult market environment currently prevailing," said Payer, "this is a realistic goal. In recent times, we have been able to grow faster than the market in almost every year, doubling our tonnage within a little more than eight years (since 1994). The Association of West European Shipbuilders (AWES) forecasts an average newbuilding requirement of some 18 million GT per year by 2015. Here we aim to capture a superproportional share of this growth."

"Our proven strength, namely the combination of uncompromising safety standards with high operational efficiency, is being acknowledged by the shipping industry. Our clients are aware that they are profiting tangibly. This effect - which incidentally is expressed regularly through our top rankings in the Port State Control statistics - is not only of benefit to the owners of container and general-purpose vessels, but also increasingly to tanker, bulker and passenger shipowners."

Confirming this "pleasing development" GL says it has already noted an increase in orders from these segments: Two 316,000 dwt VLCC tankers for delivery at the beginning of 2003, a series of 29 product/chemical and gas tankers at yards in Europe and Asia as well as orders placed internationally for 10 roro/pax ferries and cruise liners, plus 29 bulk carriers.

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