Page 32: of Maritime Reporter Magazine (April 1998)

GE Capital, Sea Containers

Sign Agreement

GE Capital and Sea Containers

Ltd. signed an agreement to estab- lish GE SeaCo SRL, a Barbados

Society with Restricted Liability, which will also operate its existing marine container fleet, becoming one of the world's largest container leasing operations.

GE SeaCo will also acquire addi- tional containers for leasing out to both the marine and land inter- modal markets.

GE SeaCo will effectively be a 50/50 joint venture with initial capital and member loans totaling approximately $64 million.

GE Capital will purchase $25 million of equity in Sea Containers

Ltd. and these funds will be dedi- cated to the joint venture. GE

SeaCo will lease-in the existing container fleets of both companies on an operating basis and sublease the units to customers.

Once the containers have reached certain ages they may thereafter be managed by GE

SeaCo for the owners, sold at the owner's request or purchased by

GE SeaCo.

Montiron Acquires 10% Of

Viktor Lenac

Montiron Shipping Corporation has reportedly acquired a 10.5 per- cent stake in Croatia's repair docks

Viktor Lenac. Montiron Shipping

Corporation from Monrovia,

Liberia, obtained the stake from the former shareholder, Italy's

Arsenale Venezia S.p.A which is currently being liquidated. Viktor

Lenac repairs and refurbishes ves- sels and builds platforms for off- shore installations.

TECO Transport Expands

Mid-South Towing Fleet

TECO Energy, Inc.'s subsidiary

Mid-South Towing Company, the river barge transportation sub- sidiary of TECO Transport

Corporation, has chartered for five years, and entered into a definitive agreement to acquire at the end of the charter term, three towboats and 110 covered river barges from

Midwest Marine Management

Company. Under the agreement, the towboats and approximately 70 percent of the barges will be absorbed immediately into Mid-

South's fleet, with the balance of the barges to follow over the next several months.

EU May Eliminate All

Subsidies By 2000

There have been signals lately that European Union ministers may agree — as early as this sum- mer — to end aid to the bloc's ship- building sector after 2000

The European Commission last year proposed to end operating aid to the struggling sector, but indus- try ministers from the 15 EU nations disagreed on the plan when discussing it for the first time last November.

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Marine

Materials in May... next month's edition of

Maritime Reporter &

Engineering News will focus on Marine Materials, and their role in making vessels stronger, lighter and faster.

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