PZM to award zl.1.5 billion contract for 20 vessels to Asian shipbuilders

Sea cargo carrier Polska Zegluga Morska (PZM) has announced plans to expand its fleet by 20 ships. In a statement, the company revealed that orders for the new ships, worth a total of zl.1.5 billion, will be placed with shipyards in Asia. According to PZM president Pawel Brzezicki, the company can afford to buy the new ships thanks to a successful cost-cutting program and to good financial results in the first half of 2001. He explained that the choice of the Asian shipbuilders was based on their more attractive offer, which was almost 20% lower than the bids from European shipyards. Another contributing factor was the advantageous credit conditions offered by banks linked to the Asian shipyards. (Puls Biznesu, p. 13) M.T.