S.A. MARINE CORP. ORDERS DRY BULK SHIPS

S.A. MARINE CORP. ORDERS DRY BULK SHIPS

   S. A. Marine Corp., the South African shipping company,
has ordered two Panamax vessels of 73,000 tons and two Capesize vessels of 172,000 tons.
   The dry bulk vessels are due to be delivered in 2001.
   S.A. Marine also took options to order another two Capesize ships.
   S.A. Marine said that the vessels will be used in the worldwide trading
operations of SafBulk and SafOre, its two dry bulk shipping operations.
   The vessel orders are the first since the sale of S.A. Marine by Safren to
Capital Finance SA of Greece. S.A. Marine includes the former dry bulk shipping business
of Safmarine.