Page 8: of Maritime Reporter Magazine (February 15, 1969)

Mortgage Insurance For LASH Lighters Approved by MarAd The Maritime Administration has approved mortgage insurance on 360 lighters to be built as part of Prudential Lines five new light-er carrying (LASH) ships. The approximately $12.8-million worth of lighters will actually be purchased by several financial in-stitutions pooling their resources and leasing the 61-foot-long and 31-foot-wide, 375-dwt lighters to the subsidized carrier. Owning Trust, Bank of America National Trust and Savings As-sociation, and the Bank of New York, will arrange the financing and the construction of the lighters by Avondale Shipyards, New Or-leans. Owning Trust will handle the actual leasing of the lighters to Prudential. The Bank of America National Trust will act in the trans-action as a trustee for the Marine Midland Grace Trust Co., of New York, MarAd explained, which in-stitution together with the Bank of New York will put up about 25 percent of the total cost. The re-mainder of the funds will come from the General Electric pension fund through purchase of bond to be issued by Owning Trust. The order for the 360 lighters carries an option for 65 more which Rubber Fenders for Better Protection D-TYPE WAIST FENDERS HANGING SIDE FENDERS niRoya Uniroyal Fendering Systems, designed by HUGHES, provide the ideal way to protect tugs, barges, vessels and piers. Made for .|| heavy duty, they meet the most exacting demands of rugged tow- v ing, barge, railroad and transport work as well as delicate han- ^ dling of nuclear submarines. Because they are several times more durable than rope and most other types of fenders, are resistant to high friction and water absorption and provide the highest degree of shock absorption, Uniroyal Fendering Systems are by far your best buy. For information on rubber fenders for all types of vessels and piers contact HUGHES BROS., INC. 17 Battery Place, New York, N.Y. 10004 ? Tel. (212) 944-1048 CLEARING HOUSE FOR MARINE DIFFICULTIES SINCE 1894 must be exercised by July 1, 1969. Deliveries are to be in five equal groups, to coincide with the de-liveries of the new ships, beginning about February 1970 and ending in late November 1971. The lighters, construction con-tracts which have been signed, were designed to haul containers, break-bulk freight, and dry bulk cargo and will be used in Prudential's U.S. North Atlantic-Mediterranean trade. Hydronautics Opens Houston Office For Ocean Engineering Kenneth G. Arkwright Hydronautics, Incorporated, one of the nation's foremost engineer-ing and development firms special-izing in hydrodynamics and related technology, has announced the opening of its new 'Ocean Engi-neering-Houston' office. Announce-ment was made by Phillip Eisen-berg, president of the Laurel, Mary-land-based company. Kenneth G. Arkwright, has been named to head the new office, which is located at 3263 Branard, Hous-ton, Texas. Mr. Arkwright will provide liaison to Hydronautics en-gineers and scientists for services to the petroleum and marine indus-tries. Hydronautics, by virtue of its extensive history of achievement and competence, is internationally recognized for its contributions in the fields of hydrodynamics and re-lated technologies. In this broad area, the company provides engi-neering, design and prototype de-velopment services for a wide range of marine vehicles and configura-tions, while operating the largest privately-owned hydrodynamics re-search facility in the United States. IHI Wins Orders Totaling $32-Million Japan's Ishikawajima - Harima Heavy Industries, Ltd., recently re-ported that it had won shipbuild-ing orders from foreign owners worth $32.3-million. Included are a 212,600-ton tanker for the Liberian Expedience Trans-ports Inc.; a 23,800-ton petroleum products carrier for the Fortuna Oceanic Navigation S.A. of Pana-ma ; a 53,700-ton bulk carrier for Wahnking and Co., Ltd., of Hong Kong and a 37,900-ton bulk carrier for the Compania Naviera Termar S.A. of Liberia. These ships will be delivered from August 1970 to December 1971, the Japanese company said. 10 Maritime Reporter/Engineering News