Page 5: of Maritime Reporter Magazine (April 1974)
Allen M. Fowlis
Completes Sale Of
Dearborn-Storm Corporation, 9545 Katy Freeway, Houston, Tex- as 77024, .has announced completion o'f the sale of their portfolio of IBM
System 360 computers to a group of private investors for $17 million in cash. A spokesman for the new investor group stated that the new company will continue with the same management and staff as had previously operated Dearborn -
Storm's Computer Leasing Divi- sion.
Arthur Weiss, Dearborn-Storm's chairman of the board, stated that the sale of the computer portfolio has significantly improved the com- pany's financial position and earn- ings opportunities. He commented that the sale price of $17 million in cash was nearly equivalent to the today value of cash flows that would have been generated from the computer Leasing Division over the remaining life of the computer portfolio without the risk factor inherent in computer leas- ing activities. He also pointed out that "if the proceeds of this sale were invested in short-term securi- ties, interest income would exceed $1,500,000 annually. Investment of these funds in the offshore petro- leum services industry could dou- ble this return."
Allen M. Fowlis
James C.F. Stewart, chairman and chief executive officer of Van- couver Shipyards 'Co. Ltd., has an- nounced the appointment of Allen
M. Fowlis, C.A., as president.
Prior to this appointment, Mr.
Fowlis was vice president, admin- istration, for Seaspan International
Ltd., and has held a number of operating and financial positions within the group of companies over the past 15 years.
Vancouver Shipyards Co. Ltd., one of the Genstar group of com- panies, is engaged in ship construc- tion and ship repairs and recently announced a $3-million expansion program which will allow the build- ing of ships in the 50,000-ton range.
Paceco To Build
Huge Deck Barge For
Foss Launch & Tug
Foss Launch and Tug Company of Seattle, Wash., recently placed an order with Paceco, a division of
Fruehauf 'Corporation, Alameda,
Calif., for a heavy-duty 2,100-ton deck barge. Its measurements will be 343 feet by 76 feet by 18 feet, and it will have a deck cargo ca- pacity of approximately 4,600 tons.
The huge barge was designed by
L.R. 'Glosten & Associates, Seattle, for Pacific Northwest and Alaskan service. Provision has been made for conversion to either container service or tanker service to meet possible future requirements. The barge has a stern notch so that it can be either towed or pushed as desired. Delivery of the barge is planned for January 1975.
Bailey Meter Brochure
Bailey Meter Company of Wick- liffe, Ohio, is offering a four-page brochure describing Bailey instru- mentation and controls for marine automation.
The brochure details Bailey's pro- pulsion, boiler, and pump and valve control systems, alarm and moni- toring systems, and integrated cir- cuit bell loggers and data loggers, as well as Bailey's marine automa- tion school and marine automation service centers.
For a copy of the brochure B302- 3004, write Sales Promotion, Bailey
Meter Company, 29801 Euclid Ave- nue, Wickliffe, Ohio 44092.
If there's a better way to handle load calculations aboard ship,1 haven't seen it."
Loadmax is the simplest of all loading control/ monitor systems ... a real money-saver right down the line. And Loadmax is expandable-from the simplest control and monitoring calculator right up to a com- plete, fully automated on- and off-loading control system.
Loadmax. Be sure you look at it if you^re looking for maximum profitability and safety from every voyage.
For complete data, contact Raytheon Company,
Maritime Systems, W. Main Road, Portsmouth,
Rhode Island 02871. (401) 847-8000.
In Europe contact: Raytheon
Copenhagen, Siljangade 6,
Copenhagen 2300, Denmark.
Better look at Loadmax.
Loadmax-Raytheon's new digital loading com- puter/monitor and control system puts accurate numeric display loading calculations at your finger- tips. It's fast. Faster than hand calculations. Faster than analog systems using dials or meters. It never needs calibration. And italways delivers the accuracy demanded by today's high efficiency tankers, bulk cargo carriers—and RO-RO, LNG and containerships as well.
Loadmax is a digital computer with ships informa- tion stored in the memory. You enter the variable loading data on simple thumbwheels. Instantly you get trim, draft, bending moment, sheer forces, and stability information back—shown numerically and graphically as a percentage of allowable limits.
April 1, 1974 7