Supertanker Brooklyn Sold By Seatrain To General Electric Credit
Seatrain Lines, Inc. has announced the sale of its 225,000-dwt supertanker Brooklyn to 'General Electric Credit Corporation.
The first vessel 'built by the company's Seatrain Shipbuilding subsidiary at the former Brooklyn Navy Yard, and the largest commercial ship ever ibuilt in the United States, the Brooklyn will be leased by General Electric to a corporation which has a 25-year time 'charter to American Petrofina, Inc., a Dallas, Texas-based oil company.
Joseph Kahn, Seatrain chairman, said as soon as an anticipated favorable tax ruling is received, the proceeds will be released from escrow and applied to make the company current in its term bank debt.
The leasing of the Brooklyn brings together for the first time the country's largest leasing company— which is approaching the $1.5-ibillion mark in original cost of equipment on lease—and Seatrain Shipbuilding Corporation, builder of America's largest Commercial vessels.
John F. Duncan, vice president of GE Credit, called the Brooklyn a major long-term weapon in combating the energy crisis. With a cruising range of 15,000 miles, thenew supertanker will carry 1.6 million barrels of oil on one voyage, with "major savings in cost, fuel, and time, as compared with using perhaps half a dozen ships to carry the same amount." Seatrain Shipbuilding is currently building a sister tanker, the Williamsburgh, scheduled for delivery in mid-1974, and a third sister ship, the Stuyvesant, scheduled for completion in 1975. Arrangements have been completed for construction of a-iojirth vessel which will begin buildirig as soon as the Williamsburgh is floated out of t h ^ r y d o c k .
Other stories from January 15, 1974 issue
- Offshore Seminar To Be Held Feb. 4-8 In Houston, Texas page: 4
- Dearborn-Storm To Add New Jackup Rigs At Cost Of $29 Million page: 5
- The Presque Isle page: 7
- Bergesen Heads Firm Seeking To Purchase Boston Navy Yard page: 11
- Navy Energy R&D Office Relocated page: 12
- Moore And McCormack Co. Plan To Change Firm's Name page: 12
- Navy Amphibious Assault Landing Craft To Be Built By Todd Seattle Shipyard page: 14
- SNAME New England Section And AWS Hear Japanese Shipbuilding Report At Joint Meeting page: 14
- Midshipmen Hear Panel Of Four Discuss Offshore Drilling Careers For USMMA Graduates page: 19
- Pacific Lighting Marine Awards Contract For Two LNGs To Sun Shipbuilding With Option To Build Three More Ships page: 19
- Supertanker Brooklyn Sold By Seatrain To General Electric Credit page: 22
- Lykes Elects Four New Vice Presidents page: 24
- Kent E. Hoffmeister Named Engineering VP At Nashville Bridge page: 24
- South African Marine Elects Charles Parkhill page: 25
- Giant Gantry Crane Ordered From Krupp By Newport News Ship page: 25
- GATX Subsidiary Orders Second Coal Carrier From Bay Shipbuilding page: 26
- Year-End Report page: 27
- N.Y. SNAME, NYPE, IME And ASNE Joint Meeting Hears Paper On Silencing Marine Gas Turbines page: 27
- American Ship Receives Orders Totaling $31 Million For Towboats And Barges page: 30
- First Semisubmersible Drilling Rig Built On U.S. East Coast Christened At Bethlehem Steel's Baltimore, Md. Shipyard page: 31
- Second French Cargo Vessel Delivered At Sorel page: 34
- Colt Industries Names J.F. Morgan President Power Systems Div. page: 34
- J.J. Henry Company Moorestown/Norfolk Announces Promotions page: 34
- Sydney Swan Retires From American Bureau page: 35
- More Navy Ship Repair Work For Private Shipyards page: 37
- Sun Ship Builds Big, Fast Trailership In Record Time page: 37
- Stewart & Stevenson Open London Office; Knapp Named Manager page: 38
- Captain Robert E. Hart Named New President Marine Index Bureau page: 39
- Military Sealift Command Invites Offers To Operate Nine 25,000-Dwt Tankers page: 41
- Hydro Products Introduces New Right Angle Adaptor For Underwater TV Camera page: 41