WATCHING THE WORLD TANKER OWNERS HEAR CHINESE REMEDY

With David Knott from London The International Association of Independent Tanker Owners (Intertanko) annual meeting in Hong Kong last month heard a drastic Chinese remedy for tanker industry problems. "During 1985 and 1986 the shipping world experienced one of the worst recessions in history, but fortunately the ship scrapping industry saved the day," said Frank Chao, president of Wah Kwong Shipping Holdings Co. Ltd., Hong Kong.