OPERATIONAL REVIEWS SHIPPING SERVICES The group’s shipping activities are undertaken locally by Island View Shipping (Pty) Limited and Unicorn  Shipping  (Pty)  Limited,  and  internationally  by  Island  View  Shipping  International  Pte. Limited and Unicorn Shipping International Limited. 2004 2003 Revenue (Rm) 2 485 1 521 Total assets (Rm) 1 900 1 374 Attributable earnings (R000) 501 487 192 676 Number of  employees – subsidiaries 344 311 – joint ventures – 38 Number of  ships operated – owned/leased 8 5 – average number on short term and long term charter 57 38 The group has benefited substantially from an outstanding performance by its shipping services. In 2004, revenue increased by 63% over the previous year after taking into account the negative effect of  the strengthening Rand. This increase was mainly due to a much larger fleet and strong world shipping markets, which maintained high levels throughout the year. The  cumulative  effect  of   strong  shipping  markets  and  the  low  fixed  fleet  cost  contributed significantly to a substantial increase in earnings.  US Dollar income was 230% higher than the prior year but the effect of  the strong Rand throughout the year and at year end resulted in Rand earnings growth on translation of  160%. Capital expenditure was mainly for the ship expansion programme in Unicorn Shipping. The group owns, and charters in under long term contracts, ships for employment in a number of shipping markets.  The ships are either time chartered out on short to medium term contracts or utilised to move cargoes for shippers through a mix of  spot to medium term freight contracts.  In addition,   a   number   of   ships   are   chartered   in   on   short   term   contracts   to   service   freight commitments. A large portion of  the group’s fleet is employed through pooling arrangements with major international partners. A summary of  the group’s fleet of  owned ships and ships on long term charter at 31 December 2004 is as follows: Average charter period remaining Description 2004 (years) Owned Product tankers 5 n/a Handysize bulk carriers 3 n/a Chartered Product tankers 3 6 Chemical tankers 2 9 Container ships 1 1.5 Handysize bulk carriers 13 8 Capesize bulk carriers 8 3 Total number of  ships 35