Page 20: of Maritime Reporter Magazine (October 1973)

Financing Set For

Hovermarine HM.2

Production Facility

Hovermarine Corporation, Pitts- burgh, Pa., has announced agree- ment in principle for financing its new manufacturing facility in

Titusville, Fla. The new plant will have a production capacity of 24 commercial surface effect ships a year.

Hovermarine is a Pittsburgh- based manufacturer of the H'M.2

Hoverferry, a 60-'passenger craft in use in commuter and mass trans- portation applications around the world.

Under the financing plan, the city of Titusville will issue indus- trial development revenue obliga- tions covering the cost of real es- tate, improvements, buildings and special tooling. Hovermarine will occupy the premises under a lease purchase agreement with the city.

William A. Zebedee, Hover- marine chairman, also announced that the company has arranged for sale of all of the obligations to

Pittsburgh National Bank under a seven-year repayment agreement.

Hovermarine's facility is under construction on land adjacent to

Thompson Trawlers, Inc., from whom the land is being purchased.

Earlier, Hovermarine and Thomp- son Trawlers announced an agree- ment in principle regarding joint aspects of the Hovermarine pro- gram to begin manufacture of the

HM.2 Hoverferry in the United

States.

For the past few months, Hover- marine has occupied space within the Thompson Trawlers complex to construct special tooling neces- sary for production of the fiberglass hull of the HM.2 surface effect ships.

Work on the initial set and on a second set of special tooling has been completed. Each set will al- low construction of 12 of the HM.2 surface effect craft annually.

The new shipbuilding facility will contain some 20,000 square feet of manufacturing area. Initial oc- cupancy is planned for this month, with full production scheduled within 30 days.

Brazilian Yard Offers

New Design For Ship

Companhia Comercil e Nave- gacao (iOCN) of Rio de Janeiro, the Brazilian shipyard, is to offer on the market a new design of ship called the Prinasa 26-15, according to London sources.

The vessel is a 26,500-dwt bulk carrier which has 'been designed through computer techniques by the Senner, the Spanish marine consultants and naval architects, in association with OCN's own de- sign company Prinasa.

OCN's chairman Paulo Ferraz said: "Our market research indi- cates that there is a large demand for an economical vessel of this tonnage and design. The first ship can be delivered in 1976, and we are confident of winning many or- ders for it both at home and over- seas."

Mr. Ferraz continued: "I be- lieve the Prinasa 26-15 can pro- vide us with the same kind of se- ries production which we have suc- cessfully achieved with the SD-14 and our redesigned version of the

SD-15, the Prinasa 121."

The Prinasa 26-15 has five holds, and its design can be adapted to carry 513 twenty-foot containers.

ARCO CONTRIBUTES TO WEBB: Samuel

S. Morse, right, presents the 1 973 Atlantic

Richfield contribution in support of Webb

Institute of Naval Architecture to Webb president William A. Brockett in the Liv- ingston Library on the Webb campus at

Glen Cove, L.I., New York. Mr. Morse, chief naval architect-marine transporta- tion, Atlantic Richfield, is a 1933 grad- uate of Webb. pi

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