Page 8: of Maritime Reporter Magazine (July 1997)

MARINE FINANCE

EC Probes Agreement

The European Commission is probing an agreement between

P&O Nedlloyd, Sea-Land Service

Inc., A.P. Moeller-Maersk Line and

Orient Overseas Container Line concerning container trade between North America and

Europe. The accord, which was filed for EU regulatory approval in

November 1996, facilitates agree- ment among the companies on tar- iffs, capacity and inland services to shippers.

Boatracs Snags Contract

Canal Barge has signed a con- tract to purchase and outfit its fleet with Boatracs' satellite-based marine communications and track- ing systems. Canal Barge expects to improve the efficiency of its operations.

AmClyde Wins Contracts

AmClyde Engineered Products,

Inc. won two contracts worth $1.2 million for offshore oilfield equip- ment for Petrobras America. The equipment includes a linear winch and pedestal crane, both of which will be designed and built in the

U.S. and delivered by early 1998.

NNS Gets Contract Increase

Newport News Shipbuilding (NNS) was awarded a nearly $176 million increase to a previously awarded contract for work on USS

Nimitz, according to the U.S.

Defense Department. The contract is part of the advanced planning and material procurement.

Company To Issue COFRs

Terra Nova (Bermuda) Holdings

Ltd. announced that its new underwriting agency subsidiary,

Terra Nova Underwriting Agency

Ltd., has executed an agreement with Scandinavian Reinsurance

Co. Ltd. to establish a Bermuda- based facility that will provide financial guarantee insurance to owners and operators of vessels entering U.S. waters.

Raytheon Unit Wins Contract

Raytheon E-Systems won a con- tract from the U.S. Special

Operations Command worth a pos- sible $1.12 billion over five years.

The contract includes provision of logistics support to the Special

Operations Command and other military, DoD and federal agencies.

The support involved includes maintenance, fabrication, modifi- cation and repair of maritime sys- tems, communications and elec- tronics systems and weapons.

Jotun To Market Chartek

Norway's Jotun A/S will market

Textron Systems' Chartek fire- proofing materials. Jotun, a paint manufacturer, markets products to marine, offshore and industrial markets, supplying surface protec- tion coatings to the North Sea

FPSO market. Chartek coatings are spray-applied, epoxy fireproof- ing materials that expand to insu- late against fire, while providing corrosion protection.

EU: Rates Restrict Competition

The European Union said recently that the International

Group of P&I Clubs is in breach of

EU rules because it does not allow enough competition among its members. The EU said that arrangements unduly restrict com- petition between the clubs by oblig- ing all of the clubs to offer the same level of insurance cover, even if a large number of shipowners wish to obtain substantially lower lev- els. In addition, the EU said that the group imposes limits to price competition between the P&I

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Hydrostatics

Power & Resistance

Construction autoship

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Vancouver BC

Canada V6A 1E1

Tel 604. 254 4171

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Net [email protected]

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