THE managing director of Rizzo Bottiglieri De Carlini Armatori, Giuseppe Mauro Rizzo, is so happy with the quality of work done by a Shanghai shipyard on the four vessels he ordered last year that he has given a new contract for four more ships to the builder.

"This new contract demonstrates our belief in the Hudong shipyard. We have been impressed by the reliability of the Shanghai yard and the quality of the work," said the young Italian shipping magnate who was in the city this week to check on the progress of the four 110,000-ton Aframax tanker ships.

This second recently signed deal for four bulk carriers means RBD is now having eight ships built at Hudong worth a total of US$430 million. Completion is expected around 2009-2010.

"We have a stable relationship with the Chinese ship builders and we hope to soon open an operational office here in Shanghai," says Rizzo, a frequent visitor to the city. The latest order is for four 87,000-ton Postpanamax bulk carriers." This project is extremely competitive in design and commercial performance of the ships especially in draft- restricted ports and in view of the expansion of the Panama Canal," says Rizzo.

"We are a very old traditional family and we only work with solid, reputable companies. I hope this investment can be seen as a good example of cooperation at the highest levels between Italian and Chinese businesses," he continued.

His family has been in shipping since 1850 and they also own two of the most popular mineral water brands in Italy - Fiuggi and Sangemini - as well as Hotel La Palma, the oldest hotel on the island of Capri.

RBD, owned by the Rizzo, Bottiglieri and De Carlini families, controls 50 ships which are currently plying the ocean carrying 25 million tons of dry cargo per year. The vessels generate a total annual turnover of about 600 million euros (US$818 million).