Page 35: of Maritime Reporter Magazine (June 15, 1973)

A.C. Novacek Elected

Chairman Of PROSA

Executive Committee

Arthur C. Novacek

Arthur C. Novacek has been elected chairman of the executive committee of the Puerto Rico

Ocean Service Association, it was announced in San Juan by Hiram

D. Cabassa, chairman of the organ- ization representing the four major carriers in the $4-billion Puerto

Rican trade.

Mr. Novacek is president of Sea- train Lines Container Division, 'based in Port Weehawken, N.J., and also serves as a -director of the

Puerto Rico Chamber of Commerce in the United States.

Other PROSA line members in- clude Sea-Land Service, Trans- american Trailer Transport Inc., and Gulf^Puerto Rico Lines. The

U.'S. Department of Commerce has described Puerto Rico's ocean freight service as the finest in the world.

Mr. Novacek joined Seatrain, one of the world's largest contain- er lines, which recently expanded service to Puerto Rico, in 1970, as senior vice president of marketing.

Previously, he served as president of Grace Lines, held a top position with Transamerican Trailer Trans- port in 1966-67, and started his maritime career with Isbrandtsen

Steamship Company.

A 1948 graduate of the U.S. Mer- chant Marine Academy, Mr. No- vacek earned his master of busi- ness administration degree from

New York University's Graduate

School of Business.

PROSA was established several years ago with the sanction of the

Federal Maritime Commission to make Puerto Rico's ocean freight service, vital to the island's eco- nomic health, even more efficient by developing an on-going dialogue with shippers and consignees. A "problem solving" agency, PROSA is not empowered to set freight rates or even discuss them.

Insulation Panels For

LNGs Ordered From

Cryogenics Structures

Cryogenics Structures Corp.,

Northvale, N.J., a Baltek Corp. affili- ate, announced it has received an or- der amounting to $22,500,000 for in- sulation panels to be installed in three

LNG tankers being built by Newport

News Shipbuilding. Delivery of the insulation panels, scheduled to begin by early 1975 and to continue through 1976, are for tankers being construct- ed by Newport News Shipbuilding for the El Paso Natural Gas Co.

Maritime Fruit Carriers'

First Quarter Revenues

Show Record Increase

Maritime Fruit Carriers Company

Limited, New York, N.Y., worldwide shipping concern, has reported sub- stantially increased revenues and net income for the quarter ended March 31, 1973.

Revenues for the first three months of 1973 rose to $19,985,000 compared to $13,015,000 during the compar- able period in 1972. Of these amounts, $18,390,000 in the 1973 quarter and $12,640,000 in the 1972 period were derived from shipping operations.

In addition, the 1973 revenue figure does not include $4,944,000 of income from surrender of tax benefits. The company did not realize any such income in the first quarter of 1972.

Net income increased to $2,498,000 compared to $1,044,000 in the similar period last year. The company noted that of first quarter 1973 net income approximately $1,050,000 represents income from surrender of tax bene- fits, net of direct expenses and at- tributable income tax reserves.

On a fully diluted basis, per share net income for the first three months of 1973 was equal to $.55 based on 4,904,894 shares outstanding. In the comparable period last year, fully di- luted earnings per share amounted to $.26, based on 4,869,059 shares outstanding.

First, judge a shipbuilder by what it's done. that is changing the living habits of millions of people.

And we continue to create change in the ocean industries.

Since 1921 we have been designing and building marine equipment and systems for operation all over the world. 1. We built the world's first offshore drilling tender. It brought in Louisiana's first tideland oil discovery. 2. We built the first self-propelled drilling ships in the world. Four of them.

They continue to set standards of oper- ational success. 3. We built a tug/barge container system for the distri- bution of products to shallow-water ports in the Caribbean. Then we built a 208-foot roll-on/roll-off trailership to make the first system even better. 4. We built the world's first LASH barges and we built the world's first

SEABEE barges.

Now we are the largest builder any- where of these major components in a new trans- portation system

Then, judge it by what it's doing.

We are one of the largest builders in the world of a great variety of vessels and marine equipment. 1. We're building offshore towing and supply ships for major companies working in oil fields throughout the world.

Ships designed and constructed for efficient anchor handling and rig towing and the carrying of bulk and liquid cargo. 2. The crewboats we're build- ing are in operation in every offshore oil and gas producing area. Lake Maracaibo. Cook

Inlet. Southeast Asia. The

Persian Gulf. The Gulf of Mexico. High- speed vessels meeting drilling, exploration, and production schedules every day carrying men and cargo. 3. We're building oil barges, deck cargo barges, liquid cargo barges, pipelaying barges, dredge tenders,

LASH switch- ing boats, ocean-going and harbor tugs, fire tugs, and staging tugs. Offshore quarters units and derricks. 4. We have improved and expanded our facilities to build bigger and better vessels, and to stay on the leading edge of change.

We built the marine equipment and systems that the ocean industries grew up on.

We're continuing to build them to keep the ocean industries growing.

Equitable Equipment Company, Inc.

P. O. Box 8001, New Orleans, Louisiana 70182 504/947-0631 • Cable: EQUITY . Telex: 058-354

A subsidiary of Trinity Industries, Inc.

June 15, 1973 37