Containership 108-28-04-2005a

DAILY COLLECTION OF MARITIME PRESS CLIPPINGS 2005 – 108

PSi-Daily maritime press clippings 4/27/2005

Number 108*** COLLECTION OF MARITIME PRESS CLIPPINGS ***Thursday 28-04-05

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EVENTS, INCIDENTS & OPERATIONS

The SMITWIJS SINGAPORE seen here pulling alongside the SSCV HERMOD

Photo : Roland Kwekkeboom ©

Saetta hit underwater object CARDIFF Marine, the Athens-based manager of the crude oil tanker Saetta, has estimated that “no more than 176 barrels” of oil and oily water spilled from the vessel when it struck an underwater object when departing from Cartagena in Colombia on 19 April. At the time of the accident, the fully laden tanker was being escorted through the transit channel by three tugs and two pilots were onboard, the company said in a statement. An underwater examination revealed that the No. 1 port ballast tank had been fractured and some oil had entered the ballast tank from the No. 1 centre cargo tank. Temporary repairs will be made locally to enable the vessel to proceed safely to its discharge port in St Eustasias, Netherlands Antilles, after which it will proceed to a regional shipyard for permanent repairs. Yesterday, the double-hulled, single-bottomed Saetta remained at Cartagena’s outer anchorage, surrounded by a boom as a precaution to any further pollution.



Coast guard to begin patrols in June The newly-established Malaysian Maritime Enforcement Agency (MMEA) to patrol the coastline will be operational in June. By then, the MMEA would have acquired six patrol boats, complete with crew and support personnel, from the navy. Outgoing Royal Malaysian Navy (RMN) chief Laksamana Datuk Seri Mohamad Anwar Mohamad Nor said the navy and other maritime agencies would assist the MMEA to become a credible coastline safeguard. "We reckon it will take up to five years for the MMEA to be effective on its own, but its presence is important to maintain the country’s status as a safe maritime trading nation, free of threats from pirates and terrorists, and to deter smuggling, human trafficking, environmental pollution, illegal fishing, and also to help in search and rescue." Anwar was speaking during an interview in conjunction with the 71st RMN Day tomorrow. Its theme is "Effective leadership, RMN glorious." Anwar will assume the post of armed forces chief on Thursday, following the retirement of Jen Tan Sri Mohamad Zahidi Zainuddin. The Government, he said, would announce the budget allocation for the MMEA under the Ninth Malaysia Plan (2006-2010) by year’s end. This will enable the agency to acquire a complete list of assets, including helicopters, speedboats and additional patrol boats. Each patrol boat, he said, would have a crew of 30. "While the crew will initially be seconded to the MMEA, they will be offered the option to either remain with the RMN or join the agency under a competitive remuneration package." In the meantime, assets and personnel from other agencies, including the marine police, Customs Department, Fisheries Department, Marine Department and National Security Council will be mobilised for the MMEA, which needs up to 39 vessels to patrol the coastline. At present, the RMN has 15 patrol boats, the marine police 83 vessels, Fisheries 85, Customs 30 and Marine Department four vessels. On the RMN, Anwar said the focus was to produce a multi-skilled, knowledgeable, dedicated and credible workforce that could handle state-of-the-art weaponry, vessels and helicopters. The RMN has a total of 57 vessels and 12 helicopters. The RMN had this month leased its MV Puteri Mahsuri to the MMEA for RM1.2 million a month, he said. The vessel could accommodate the training of 60 cadets and recruits at a time. On the recent "brush" with the Indonesian navy off the Sulawesi Sea, Anwar said both navies had agreed to patrol the area with caution.

Boxship market reaches plateau THE boxship charter market appears to have reached a plateau, although high demand for feeder class tonnage could provide some room for further rates rises. According to London broker Braemar Seascope: ‘There has been a sense that the market is taking a breather. A couple of short fixtures, albeit at very



healthy levels, have surprised many market watchers who are becoming more accustomed to four and five year charters.’ Recent fixtures include the Wenchong 1700-type newbuilding Sea Alpha. This 1,740 TEU vessel, which is due for delivery in May, has been fixed to Pusan-based intra-Asia operator Heung-A at a rate of $29,000/day for four years. Meanwhile, Shandong Yantai International Marine (SYMS) has secured the BV1600-class Conti Barcelona for four years at a rate of $26,250/day from August. SYMS has also secured the 657 TEU capacity Ijssel Trader, at a rate of $12,500/day and the 1,039 TEU newbuilding Tema at $14,250/day. A rare short-term fixture has been made by Hong Kong-based Gold Star Line for the CS1400-type Rinkenis. However, at $28,000/day for a six-month charter it has had to pay handsomely. Fixtures in the larger sectors remain few and far between with little tonnage available and most liner operators already having secured their mainline tonnage needs for most of this year.

Armed pirates hijack Indonesian ship Armed pirates hijacked an Indonesian-owned ship bound for Singapore, ferried it to a port in Malaysia and unloaded its cargo of tin ingots before escaping to Indonesia, an official said on Tuesday. A gang of pirates fired at the 649-tonne ship early on Friday when it was passing the Lingga islands and boarded it, Noel Choong, head of the Piracy Reporting Centre of the International Maritime Bureau said. "They took control of the bridge, ransacked the ship and tied up the crew," he said. Choong said the Indonesian-owned ship was sailing from Muntok port in Bangka island for Singapore. Pirates, however, diverted the ship to Malaysia's Port Gudang in southern Johor state, where they unloaded the ingots. "It is a daring operation to go into a port. It is the work of a professional syndicate. The syndicate may have made prior arrangements for the ship to unload the cargo in Pasir Gudang port," Choong said. The ship is now in Singapore, he said. The latest attacks follow seven pirate raids on ships in the Malacca and Singapore Straits since February 28. Last Friday, Malaysian marine police detained seven Indonesians in waters off southern Johor, near Singapore, who were believed to be responsible for a series of attacks.

Moby Rider freed after three days THE ro-pax Moby Rider was refloated on 22 April by five Fratelli Neri tugs after it had sat on a sandbank off the port of Leghorn for three days. The ship is now in the port to assess any actual damage it has suffered. The refloating operation had to wait until strong winds, which caused the accident, died down. Moby confirmed that bad weather was the cause of the accident, and said the captain could not keep in the safe sea lane because of the strong lateral winds. The 21 passengers spent two nights on the vessel until they were persuaded by the Leghorn harbour master to disembark. Moby has offered those passengers free travel on any of its vessels for the next three years.

OWNER OF THAMES PASSENGER VESSEL GUILTY OF OPERATING WITHOUT

CERTIFICATION



Following a three day trial at Middlesex Crown Court, the owner of Thames passenger vessel was found guilty of operating the vessel without the necessary certification for 76 days. Mr Charles George Newens, owner of the Interceptor, was found guilty of a total of twenty four charges (24) charges brought under the Merchant Shipping (Survey and Certification) Regulations 1995 and Merchant Shipping (Domestic Passenger Ships)(Safety Management Code) Regulations 2001. These charges cover a period from 11th June 2003 until 25th September 2003 when the Interceptor sailed when it did not have any valid certification. His Honour Judge Fabyan Evans fined Mr Newens a total of £4,800 plus £4,000 in costs. On the 11th June 2003 the certification allowing the Interceptor to operate as a passenger vessel expired. On the 25th September 2003 the MCA issued a Prohibition Notice preventing the vessel from carrying passengers. In this period the Interceptor sailed on 12 occasions and carried 235 passengers. The vessel was inspected on the 29th September 2003 and several defects noted, which included a number of missing lifejackets. In passing sentence His Honour Judge Fabyan Evans said, "These offences demand that they mark in some way, the importance of compliance with regulations." He went on to say, "The public should be satisfied that businesses which fall below the standard required should be deprived of the profits they have made." Mr John Astbury, Director of Operations at the Maritime & Coastguard Agency, said. "This prosecution will help to remind owners of passenger vessels how seriously the Agency views breaches of safety legislation. It will also send an important message that operating without valid safety inspections and certification is an unacceptable practice. Owners have a responsibility to ensure that this is carried out and ignorance of the Law is not a valid excuse."

CASUALTY REPORT Four fishermen rescued after trawler fire

Four Cork fishermen have been rescued from a life-raft after a fire sunk their trawler off the south coast this morning. The crew abandoned ship around 15 miles off Kinsale shortly before 9am and sent out a Mayday call. The men, none of whom were injured, were subsequently picked up by a passing Danish tanker.

SHIPYARD NEWS

MORE BOXSHIP ORDERS FOR AKER OSTSEE GERMAN-based owner Reederei Gebr has ordered four 1,698 TEU container ships from Aker Ostsee in Germany, part of Norwegian-headquartered Aker Yards for a total of about euros120m (US$156m). The Aker CS 1700 type vessels are due to delivery in the second and third quarter of 2008. The order reserve of the combined Aker Ostsee shipyards in Wismar and Rostock-Warnenmünde comprises 33 container vessels of up to 2,700 TEU with the last delivery in the third quarter of 2008 and two hulls. Meanwhile parent company Aker Yards ASA reported a Q1 EBITDA of NKRr159m (US$25.3m), which corresponds to an EBITDA margin of 4.6 percent. The order intake in the first quarter was NOK 11.4 billion, giving a total order backlog of NOK 31.5 billion at the end of the quarter. A statement says: “Aker Yards



confirms its guidance for 2005 that foresees a growth in revenues compared with 2004, and aims to have an EBITDA result somewhat above the level of 2004.”

Signal International awarded $35.5 million rig conversion contract

Signal International, LLC, says it has signed a contract with ETESCO Millennium Partners, LLC to convert the semi-submersible drilling rig Odin Millennium to a 272 bed accommodation vessel and offshore construction and repair platform. Dick Marler, President and CEO of Signal International, said the $35.5 million project would be performed at Signal's East Bank yard in Pascagoula, Mississippi. According to Mike Mullen, President of ETESCO Millennium Partners, LLC, important factors influencing the choice of Signal International were the company's reputation for excellent management, quality, productivity and safety. The state of the art vessel will be moved to Brazil where it will be under a four-year contract Petrobras. In addition to the new accommodation block, the vessel will have workshops, office space; store rooms and added main deck storage. Entertainment facilities include a swimming pool, two cinemas, two large screen TV rooms, two game rooms and lounge areas for leisure activities. Signal International has awarded QCI Marine Offshore LLC, the accommodations and inside electrical work on the project. Mullen has assembled a world-class team to operate the rig in Brazil. Team members include Etesco, a Brazilian company that will bare-boat charter the rig to Petrobras and Workships, a Dutch company that will operate the rig

Daewoo turns to loss Korean shipbuilder Daewoo Shipbuilding & Marine Engineering (DSME) has plunged to a loss in the first quarter. It has been hit by the strong Korean won and a rise in the cost of steel. The yard group recorded a loss of KRW 31.4bn ($31.4m) in the first three months of the year, compared with a profit of KRW 101bn a year earlier,

the company said in a regulatory filing.



Sales reached KRW 1.04 trillion, down 10.7% from the year-earlier period. It posted an operating loss of KRW 152bn, compared with an operating income of KRW 72.3bn in 2004. However, DSME said its bottom line would return to the black in the second half, although the operating loss could still be KRW 80bn for the full year. In 2006 it expects to earn KRW 100bn. It forecast sales this year of KRW 4.46 trillion, rising to KRW 5 trillion in 2006. DSME said it planned to spend KRW 249bn by next year to upgrade capacity for LNG carriers, raising total annual output to 50 ships by 2008, from the current 40 units. LNG capacity will rise to 14 vessels from eight at present. It has won $3.57bn of orders to build LNG carriers, tankers and containerships so far this year.

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KOTUG’s VB ROTTERDAM is now painted in KOTUG’s house-style colours

Photo : Jan Simons ©

CMA CGM ties its fortunes to China FRENCH liner operator CMA CGM intends to broaden its participation in container terminals to include investment in China, chairman Jacques Saade revealed at a press conference in Marseilles today. Announcing a doubling of profits to €415M ($539M) on revenue of €4Bn for 2004, Saade revealed that China counted for one-third of the company’s business with vessels on its services departing from the country every seven hours. Declaring that last year’s profits would be entirely reinvested, he elaborated that the level of investment would reach €2Bn between 2005 and 2008, during which time CMA CGM expects to take delivery of 55 new vessels, including four of 9,200 TEU. These four will operate on the China-Europe service and be combined with those of a company “that can deploy ships of a similar size”. In response to a question about potential over-tonnaging next year when the high level of newbuilding deliveries threatens to exceed trade demand, Saade replied that he expected a “soft landing” in 2006. “Those with new large ships will benefit from lower slot costs,” he said. Vietnam, India and Brazil will be important development areas for the future, he added.

GOLDEN OCEAN CHARTERS OUT CAPESIZE BULKER

THE John Fredriksen-controlled, Bermuda registered owner Golden Ocean Group Limited has fixed the 172,000 dwt bulker Channel Navigator on a three-year time charter. The charterparty will start between October and December this year. A Golden Ocean statement says: “The average time charter hire is about USD 45.000 per day. The current cash break even rate for the ship including financial cost is about USD 12.000 per day. The fixture of the ship secures a good financial foundation for Golden Ocean going forward.



Tor Line looks good on paper DFDS Tor Line, the freight ferry unit in the Danish group DFDS, is to start a new service from Gothenburg in Sweden to Tilbury, and take on a second ro-ro terminal at Immingham, both in the UK. The moves are linked to the company’s co-operation with Stora Enso, the Scandinavian forestry group. The Tilbury service, to be marketed as Anglo Bridge South, will commence in July following an agreement with Stora Enso to carry 725,000 tonnes of paper a year from Gothenburg. It will initially employ the 2,800-lane metre Tor Selandia and 1,800-lane metre Tor Neringia, which will run a combined three sailings a week in both directions. DFDS will also carry 360,000 tonnes of Stora Enso’s paper to Immingham from Gothenburg as part of the deal between the two companies and Associated British Ports, the port owner. ABP is building a river terminal to accommodate the increasing traffic of Tor Line. It will have three ro-ro berths and it is expected to come into operation in February/March 2006. DFDS currently uses a terminal in the dock area with five berths, which it will continue to use when the new terminal becomes operational.

SAMSKIP IN NEW ACQUISITION FAST-growing Icelandic shipping-to-logistics company Samskip is buying seven cold store companies from Dutch Kloosterboer Group for an undisclosed sum. Samskip says in statement: “This move will create one of Europe’s leading specialists in reefer logistics for the seafood industry and together the companies intend to grow this sector of their business globally.” With this acquisition, the Reefer Logistics activities of Samskip now consist of: Kloosterboer cold stores and worldwide forwarder Samskip Forwarding (worldwide forwarding, own office network in Europe, US, Russia and while the company also owns a 40% stake in Silver Sea, managed by Tormod Fossmark. This Norwegian company operates a fleet of 15 modern reefer vessels trading in the North Atlantic, North Sea and Baltic Sea markets. Samskip’s president, Asbjorn Gislason, said: “The combination of Samskip and Kloosterboer will strengthen our ability to offer a comprehensive global service to the seafood industry ranging from discharging fishing vessels and storage to transport and delivery across a wide area covering Scandinavia, Northern Europe, North America and Asia.” Samskip and Silver Sea operate a fleet of 15 modern reefer vessels trading in the North Atlantic, North Sea and Baltic Sea markets. Silver Sea, in which Samskip acquired a 40% shareholding in 2003, transports around 400,000 tons of refrigerated fish each year. Samskip is also a major player in the reefer container market.

SEACOR/SEABULK MERGER CLOSER US companies Seacor Holdings, a major offshore support vessel owner, Seabulk International, which operates a large diverse fleet including Jones Act tankers, say that they have been granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act. They add that this means that one of the key conditions for the closing of the previously announced merger agreement between the two companies has been satisfied. A statement says: “The merger is expected to be consummated by the end of the second quarter of 2005, subject to approval by Seacor's stockholders of the issuance of shares of Seacor’s common stock in the merger and by Seabulk's stockholders of the merger, as well as the satisfaction of customary closing conditions, in accordance with the terms of the merger agreement.”



Sovcomflot ready to order Russian shipowner Sovcomflot has signed a memorandum of understanding with St Petersburg’s Severnaya Verf for the construction of a series of LPG carriers and multipurpose cargoships. The Moscow based owner is also to extend a deal to construct six 47,000-dwt product carriers at the Admiralty yard in St Petersburg to nine and is considering ordering B-Max ice class tankers with a capacity of up to 200,000-gt next year. The B-Max is a Stena design optimised for the Baltic so it looks as if the recent co-operation between the two companies on crew training could result in wider co-operation. Sovcomflot said it was also awaiting a result of a tender that could involve it building two 145,000-cbm LNG carriers for the Tangguh project in Indonesia. The ordering plans were announced as Sovcomflot revealed it had met its financial targets through the first quarter of this year with a change of chartering strategy beginning to pay off. The strategy involves Sovcomflot focussing on serving the needs of Russian cargo owners, particularly those in the energy sector, while also becoming more spot market minded. The Sovcomflot board was told that the average time charter rate earned by the company’s tanker fleet had increased by about 10% during the first quarter, although freight rates across the market were 22% down on the same period of last year. The board approved the 2004 financial report which shows an increase of 76.6% in profit excluding fleet revaluation to $159.6m. Net assets increased by a similar percentage to $1.48bn. Sovcomflot operates a fleet of 47 vessels of 3.6m dwt and is the most internationally minded of the Russian owners with offices in Limassol, London and Geneva as well as in Moscow and St Petersburg.

Ferry link plan for Eyre Peninsula A NEW era is on the horizon for the Eyre Peninsula, with plans for a ferry service between Wallaroo and Lucky Bay, near Cowell. A 65-car ferry is expected to start operating within a year and help open up the region to tourism. The ferry will be able to take a mix of cars and trucks and is expected to cut almost 350km off a road trip to Port Lincoln. The 55km Spencer Gulf crossing is the shortest distance between the Yorke and Eyre peninsulas. It will reduce the driving time between Adelaide and Port Lincoln to about 3 1/2 hours, with a sea journey of slightly less than two hours. The ferry will be run by Sea Transport SA, formed by Sea Transport Corporation. Its principal, Stuart Ballantyne, also played a key role in setting up the Kangaroo Island Sealink in 1984. Mr Ballantyne said the new service was expected to start shortly after Government approvals were in place, which he expected in three to 12 months. "We are proposing two ferries, so the frequency is every two hours during daylight," he said. "Fares are not known, as the final cost of the terminals is dependant on Government requirements."



Profits jump at Exmar Exmar, the Belgian gas carrier owner, has seen 2005 interim operating profits jump by over 43% on a year ago on the back of a strengthening LPG market. For the three months ended 31 March Exmar posted an operating result (EBIT) of $19.1m, compared to the $13.3m seen a year previously. Revenue for the first three months of 2005 was $109.6m, an 11.2% increase on the $98.5m achieved in the first quarter last year. Exmar’s LPG fleet recorded a first quarter operating result of $14.5m, nearly double the $7.4m achieved in the first three months of 2004. The result was boosted by a one-off gain of $2.4m realised in February from the sale of Exmar’s 50% stake in the 5,000-cbm LPG carrier Lady Kira (built 1994). In March Exmar ordered two 84,000-cbm VLGCs at Daewoo Shipbuilding & Marine Engineering for delivery in late 2007 and early 2008. Operating results from Exmar’s LNG operation slumped by over 45% in the first quarter to $3.2m compared to the $5.9m in the first quarter of 2004. The market continued to suffer from lack of available product as a result of which, at any one time, between 8 to 10 ships were idle or slow steaming to waiting positions. As a consequence Exmar’s 138,000-cbm LNG carrier Excalibur (built 2002) remained idle for the whole of the first quarter of 2005. “In March the ship was repositioned in the Middle East Gulf where some reductions in running costs could be achieved,” Exmar said.

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The NIRINT PRIDE enroute Moerdijk – Photo : Michel Kodde ©

Seatrade’s HOPE BAY seen departing from Rotterdam

Photo : Willem Kroon ©

The HOPE BAY (PJQK) is built at the Kitanihon yard under number 288 in Hachinohe (Japan) during 1995, the HOPE BAY is having a length of 143 mtr and a beam of 22 mtr and is owned by Triton

Schiffahrts GmbH & Co. KG (B.Schulte) in Germany



The MSC SUEZ passing Hoek van Holland outward bound for Rio de Janeiro

Photo : Piet Sinke ©

The MSC SUEZ is built under yard number 271 at the Howaldtswerke yard in Kiel (Germany) during 1992 as the HAMBURG SENATOR, during December 2002 the 237 mtr long vessel was renamed MSC SUEZ

The tug BISON departed from Rotterdam – Photo : Jan van der Klooster ©

www.scheepvaarthoek.nl



AIRCRAFT / AIRPORT NEWS Airbus v Boeing: The next battle

CEO Noel Forgeard, front left, applauds after the Airbus A380, the world's largest passenger plane, competed its maiden flight at Blagnac near Toulouse, southwestern France, Wednesday April 27, 2005, seeting a milestone for aviation and for the European aircraft maker's battle against American rival Boeing Co. The 555-seat superjumbo is expected to enter service in mid-2006

The Airbus A380, which crossed the Bay of Biscay during its maiden flight on Wednesday, was unlikely watched with much pleasure on the other side of the Atlantic. The Americans, or at least those in charge, are severely peeved at how a leg-up by European governments ensured the world's largest passenger plane was built in the first place. Why so disgruntled? Mainly because of how it has affected the indigenous aerospace giant Boeing. Two years ago, Airbus overtook Boeing to become the world's best-selling aircraft maker, and with the A380 it has stolen yet another march on its rival, pipping it to the top spot in the large aircraft long-haul market which was dominated by the Boeing 747 Jumbo Jet for four decades. Trade war looming The US, determined not to allow a repeat, last year unilaterally cancelled a 1992 agreement with the European Union that allowed governments to lend money to cover one-third of the development costs of a new aircraft. Brussels, which has hit back with accusations that Boeing has long been receiving unfair assistance in the form of lucrative space and defence contracts, refuses to accept the US claim that the agreement is void. The issue is set to escalate into a full blown trade war. EU trade commissioner Peter Mandelson last week ended a ceasefire by insisting member states should be free to offer repayable launch aid to the next Airbus project; the A350 medium-sized aircraft. The US, which according to acid tongues (including that of Mr Mandelson) is looking after the best interests of the A350 rival, the Boeing 787 Dreamliner, has responded by threatening to take the matter to the World Trade Organisation. And so the tit-for-tat pantomime is getting louder, with Europe vowing to bring in the WTO to rule on the legality of US support for its aerospace industry.



Two opposing ideas The trade spat has set the stage for a commercial brawl between Boeing and Airbus, with neither one accepting that they have accepted unfair subsidies, and both insisting that the other one receives market-distorting assistance. Yet most observers agree that both have skeletons hidden in their cupboards. The launch aid Airbus hopes to get for its A350 would only repayable if the aircraft was to fail to achieve decent sales; not exactly a loan granted on commercial terms. The commercial logic behind the Dreamliner, meanwhile, is similarly skewed. Parts production for the aircraft has been backed with financial support from the states of Washington and Kansas. And its Japanese suppliers are on the receiving end of soft government loans with similar terms to those offered Airbus - adding another major economy to the list of candidates the WTO might have to scrutinise. Diplomacy is not working well under these circumstances, and it is unlikely to do so for one good reason. The US - or at least Boeing - stands to gain from any delays in finding a resolution, since this threatens to put off European governments' support for the Airbus A350 project. Timing is crucial, at least if Boeing's prediction that the market will prefer direct long-haul flights, such as those offered by the 787 Dreamliner and the A350, to the hub-to-hub solution offered by the giant A380. If this proves to be the case, then the early arrival of the 787 Dreamliner - expected to be a full two years before the anticipated arrival of the A350 - would help Boeing win back market share, not least since Airbus is struggling to make sure the A350 is as good as its rival. No obvious successors In these contentious times, both companies are in desperate need of strong leadership. And yet, after recent clashes between the industry titans Noel Forgeard of Airbus and Harry Stonecipher of Boeing, both groups are finding themselves searching for new chief executives. Boeing's Mr Stonecipher was ousted in March over a relationship with a female executive. Mr Forgeard, meanwhile, is leaving Airbus next month to become co-chief executive of EADS, the 80% owner of Airbus, where a struggling defence division will require much of his attention. The Airbus succession strategy has been torn apart by a lengthy political tug-of-war between France and Germany, with Mr Forgeard's most obvious heir, Airbus chief operating officer Gerard Blanc, being vetoed by Germany. In fact, recent EADS and Airbus leadership battles have caused bad blood between the two leading EADS backers, removing their focus from where, perhaps, it should be: firmly on the US. In fact, Mr Stonecipher's ousting was widely seen as serious for the company, since his arrival had marked the start of a clean-up operation following a scandal in 2003. At the time, chief financial officer Michael Sears was fired, then sentenced to four months in prison, after hiring a former Air Force weapons buyer. Boeing chairman and chief executive Phil Condit resigned soon afterwards.



Mr Stonecipher's temporary successor James Bell has been named interim chief executive, but the search for a permanent candidate is still on. It seems both Airbus and Boeing are lacking coherent succession strategies for their chiefs, and both are worse off as a consequence.

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Containership 108-28-04-2005a

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