Page 12: of Maritime Reporter Magazine (December 2002)

News

Construction of World's

Largest Dredger

SMIT has been awarded a contract from IHC of The Netherlands to provide heavy lift services next year, during the construction of the world's largest self- propelled cutter suction dredger. Com- mencing in January 2003, the contract will involve at least 10 visits to IHC's

Rotterdam yard. Over an eight-month period, the floating sheerlegs Taklift 1 and Taklift 4 will install modules equip- ment during the construction of the 45,000 cum jumbo dredger. The new- build, for Belgian dredging group Jan de

Nul, will be delivered in 2003.

Tom Crowley Jr., Honored with AOTOS Award

Norman Mineta, U.S. Secretary of

Transportation, presented one of two

United Seamen's Service 2002 Admiral of the Ocean Sea (AOTOS) Awards to

Tom Crowley Jr., chairman, president and CEO of Crowley Maritime, on the

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Circle 241 on Reader Service Card or visit www.maritimereporterinfo.com evening of November 8. An AOTOS award was also presented to Capt. Tim- othy A. Brown, president of the Interna- tional Organization of Masters, Mates &

Pilots, ILA, AFL-CIO. The AOTOS award honors those within the shipping industry who have made significant con- tributions to American shipping and

American Seafarers.

VT Halter Marine Secures

OSV Contract

Vision Technologies Systems, Inc.'s (VTS) subsidiary, VT Halter Marine,

Inc. won a contract to build an Offshore

Supply Vessel (OSV) for an undisclosed interest. The contract includes options for six additional vessels. This contract announcement, which includes options for six additional vessels, comes within days of VTS concluding the purchase of

Halter Marine's assets. This state-of-the- art OSV, scheduled for delivery in approximately 13 months, will be ABS- classed and U.S. flagged for internation- al service. Pricing and vessel specifica- tions were not disclosed.

SCA: Tanker Rates Justify

Higher Prices

The vessel retirement schedule in the

OPA '90 will force retirement over the next five years of at least 12 U.S.-flag product tankers totaling almost 500,000 dwt of capacity (approximately 25 per- cent of the total U.S.-flag product tanker fleet) and over 50 U.S.-flag tank barges greater than 5,000 gt totaling over 1,000,000 dwt of capacity (approxi- mately 45 percent of the total U.S.-flag ocean-going tank barge fleet greater than 5,000 gt). The economy has been struggling and recently there have been warm winters, but with heating oil stocks in New England 27 percent below average for the last four years and the economy expected to recover, demand for petroleum product move- ment will increase causing charter rates to rise along with demand. According to the Shipbuilders Council of America (SCA), with long-term charter rates for

U.S.-flag double-hull tankers now at a level of $37,000/day, rates justify con- struction costs of approximately $85 million per vessel. The breakeven time charter rate for a $85 million handysize tanker utilizing 25 year Title XI financ- ing at 7 percent per annum and daily operating costs of $15,000 is approxi- mately $34,700/day, a rate well below today's market. 12 Maritime Reporter & Engineering News