TAX CONFERENCE

The recently enacted "American Jobs Creation Act" gives significant tax breaks to a number of U.S. industries--including shipping.

MARINE LOG and BLANK ROME will present a senior level seminar CHANGES IN U.S. TAXATION OF SHIPPING INCOME in Stamford, Conn. on April 5 & 6, 2004

Make sure you know how the new tax rules work!

February 9, 2005

MAN B&W Diesel breaks 100,000 bhp barrier

MAN-B&W has broken the 100,000 bhp barrier for power produced from a single engine. With an output of 101,576 bhp (74,760 kW) the 12K98MC, with a record output of 8,464 bhp (6,230 kW) per cylinder, is by far the most powerful MAN B&W Diesel design engine in production.

Five of these 12K98MC engines will be built by MAN B&W Diesel licensee, Hyundai Heavy Industries in Korea. They are to be installed in five ultra large container carriers, which are under construction at Hyundai Shipbuilding for Greek owner Costamare. The vessels will be chartered to Coscon (COSCO Container Lines) in China, and the first is planned for delivery in February 2006.

Subsequently, other shipowners have also adopted this engine layout.

Separately, COSCO has ordered four 12K98ME engines from Hyundai. These are destined for four 10,000 TEU container vessels for Coscon.

MAN B&W Diesel Senior Vice President for Two-stroke Sales and Marketing, Ole Groene, says: "This milestone proves that we are still at the forefront when it comes to the development of marine diesel engines. The K98MC engine has more than three times higher output per cylinder than the engines from 1912 which were made for the world's first ocean-going diesel motorship, the M/S Selandia. The ship was equipped with two DM 8150-X engines, each with 8 cylinders and a total power output of 2,500 hp. This new milestone, an historic event for us, is made possible by our close and fruitful cooperation with our licensees."

Adding to its growing fleet of large container vessels COSCO has ordered four additional 5,100 TEU vessels at Hanjin Shipyard with MAN B&W Diesel 9K90MC-C main engines.

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