MarAd Acquires RO/RO Vessel Atlantic Bear With Bid Of $17.5 Million
The Maritime Administration recently acquired the roll-on/rolloff vessel Atlantic Bear at a federal auction held in Norfolk, Va., with a bid of $17.5 million. The vessel was owned by Pacific Far East Line, Inc., which went bankrupt in 1978. The government holds a preferred mortgage on the ship.
In June 1978 it paid off $37.6 million in unpaid principal and $1.7 million in accrued interest on the vessel's mortgage which was backed by the government's Title XI financing guarantees.
Acadian Marine Co. of Lake Success, N.Y., has a conditional contract with the Secretary of Transportation to purchase the ship for $21.8 million plus the cost of all repairs and reconditioning work necessary to put the vessel in class. (The ship has been idle in the National Defense Reserve Fleet for most of the past six years). As a condition of the agreement, Acadian has been issued a Letter of Commitment for Title XI guarantees covering 87 Vi percent of the depreciated original actual cost of the vessel and its reconditioning costs.
Acadian is a Delaware partnership of two corporations, Atlantic Shipping Corp., and Spirit Marine, Inc., which will own the vessel, to be renamed the Atlantic Spirit.
The vessel, built in 1976 at Sun Ship, Chester, Pa., is 790 feet long and has a capacity to carry 400 trailers and 150 vehicles.
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Other stories from July 1984 issue
Content
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- Williams Announces Lubricating Innovation For Steel Cables page: 5
- Hitachi Zosen Delivers Bulk Carrier To Greek Owner page: 5
- Cummins Engine Announces New Engine Model Codes For Marine Product Line page: 5
- Desco Marine Adds Three New Fiberglass Hulls To Line of Fishing Boats page: 6
- Two Appointments Announced By Marathon Marine page: 6
- Engineering Partnership Formed By Kongsberg And McDermott International page: 6
- Deutsch Metal Offers Free Pyplok Catalog page: 6
- Unique Mini-Liner Nearing Completion At Bender Shipbuilding Yard In Mobile page: 7
- Bender Delivers 98-Foot New Bedford Scalloper page: 7
- Daewoo To Build Offshore Gas/Oil Production Plant page: 8
- Joseph Cangelosi Forms New Consulting Firm page: 8
- Dockside Signs Contract With M.A.N./B&W Service — Rennie Joins Staff page: 8
- Philadelphia Gear Supplies New Propulsion Drives For San Francisco Ferry Boats page: 8
- Gennaro Oliva Joins Atlantic Coast Enterprises page: 8
- Marathon LeTourneau Offshore Announces Major Reorganization page: 9
- Bob Daniels Named New Marland President & CEO page: 9
- NABRICO Names Gower VP-Engineering page: 9
- American-Standard Offers Free Bulletin On FanEX® Air/Oil Heat Exchangers page: 9
- CDI Marine Appoints Smith And Dodson page: 10
- Sonat Subsea Services Appoints Senior VP page: 10
- New Raytheon SSB Is Microprocessor Controlled —Literature Available page: 10
- Comsat TeleSystems Introduces The MCS-9100 Ship Earth Station page: 12
- Socal Announces Executive Changes page: 12
- NOR-FISHING '84 page: 12
- Rockwell International Announces Key Top Management Promotions page: 13
- New Remote Control Subsea Gyrocompass Introduced By Robertson page: 13
- MarAd Acquires RO/RO Vessel Atlantic Bear With Bid Of $17.5 Million page: 14
- NASSCO Holds Naming Ceremonies For Two Ship Conversions page: 14
- Perolin Offers Handbook On Fuel Oil Treatment page: 14
- Two Samsung-built Hapag-Lloyd Ships Feature Unique Asymmetric Stern page: 16
- OFFSHORE NORTHERN SEAS page: 16
- DIESEL POWER REVIEW page: 18
- SCANDINAVIAN SHIPBUILDING page: 23
- Magnavox MX 1100 Series Navigators GPS Upgradable —Literature Available page: 34
- Ingram Materials Expands Bulk Marine Terminal page: 35
- Emerson Shank Joins Desco Marine As VP Sales And Marketing page: 35
- Navy Adding 19 Ships To Ready Reserve Force page: 36
- AMR™ Is New Name For Transamerica Delaval Line Of Three-Screw Pumps page: 37
- Caterpillar Offers Remanufactured Fuel Nozzles And Tune-Up Kits page: 37
- SNAME Issues Call For Papers For 1985 OTC page: 38
- Comsat Dedicates Roaring Creek Earth Station page: 38
- Norcontrol Renews Long-Term Agreement With B&W Diesel page: 41
- Integrated Marine Electronic Systems Nav-Com Inc., Seminar—Washington, D.C. page: 42
- Oceaneering International Dual Hydra Rov Systems At 100 Percent Utilization page: 49
- Fast Navy Supply Ship Capella Dedicated At Pennsylvania Shipbuilding page: 50