New Partner Choesen in Korea and China Car Ferrry Service

The Ministry of Maritime Affairs and Fisheries (MOMAF) agreed with the
ir Chinese counterpart to open a car ferry service between Incheon, Ko
rea and Yantai, China in the sixth Korea/China maritime conference in
1998. On April 14, 2000, they picked the Consortium of Sinokor Mercha
nt Marine Co, Daewoo Marine, and SunKwang Co. as the new Korean partne
r of C & K Ferry Lines which operates the route between Pusan, Kunsan
and Yantai as well as the Incheon and Yantai route. This consortium mu
st be maintained until May 15, confering a percentage of its stock on
Musung Co, which is at present the domestic partner of C & K Ferry Lin
es, operating the Pusan/Kunsan and Yantai. As soon as the Korean partn
er is decided, six vessels will operate on this route in June after co
nfirmation with the Chinese counterpart. This consortium was chosen vi
a the non-partisan inspection of the Inspection Committee, which recei
ved applications from April 3rd to the 8th after giving notice on Marc
h 23.