Page 53: of Maritime Reporter Magazine (May 1974)

Moore McCormack

Pays Dividend

James R. Barker, chairman and chief executive officer of Moore

McCormack Resources, Inc. (listed

NYSE, Pacific), Stamford, Conn., has announced that the board of di- rectors had declared a regular quar- terly cash dividend of 10 cents per common share, payable May 6 to shareholders of record April 22.

Mr. Barker, noting that the move marked the first dividend payment in six years, said the board deci- sion "reflects both the strong im- provement in the financial condi- tion of Moore McCormack and the need to retain capital for the com- pany's $200-million long-term ex- pansion program now under way. "That program," Mr. Barker said, "is expected to increase sig- nificantly our earning power be- ginning in 1976." He added that "Moore McCormack's dividend pol- icy will be subject to review. Fu- ture changes in dividend policy,"

Mr. Barker declared, "will be promptly and fully explained."

Heath/Liquid

Appoints Seventeen

New Distributors

Victor California has been ap- pointed distributors of Heath/

Liquid flame cutting equipment.

Victor California is a division of

Victor Equipment Company, Den- ton, Texas.

Heath Engineering Company is headquartered in Ft. Collins, Colo.

The company has made a variety of flame cutting equipment used by steel fabricators, and in nu- merous steel and aluminum cutting operations in industrial plants, since 1944. Liquid Carbonic Corporation, headquartered in Chicago, 111., has the exclusive distribution rights for the Heath equipment.

The new distributors are located in 17 California cities: San Fran- cisco, Berkeley, Santa Clara, Sali- nas, Santa Rosa, Woodland, Sacra- mento, Yuba City, Stockton, Fres- no, El M'onte, Los Angeles, San-

Diego, Ventura, Pacoima, Ontario, and Gardena.

Stolt-Nielsen Chartering

Expands In New Areas,

Changes Firm Name

Stolt-Nielsen Chartering, Inc. of

Greenwich, Conn., has changed its name to Stolt-iNielsen Inc., it was announced by Carroll N. Bjornson, president. The change was prompt- ed by the expanded activity of the firm into new areas, including ship management, offshore oil activity, tank terminals, and other marine- related activity not covered by the term "chartering."

Stolt->Nielsen Inc. continues to operate the 44 Stolt tankers engaged in the worldwide ocean transporta- tion of chemicals, animal and vege- table oils, and other specialty liquid products in bulk. The firm recently took over an additional 12,000 square feet of space in One Green- wich Plaza to accommodate its ex- panding organization.

May 1, 1974

ABS Active In

Classing All Types

The American Bureau of Ship- ping continues to be active in class- ing container carriers and barge- carrying vessels. Recently classed by ABS were the Sea-Land Re- source, the Delta Sud, the President

Pierce, and the President Johnson.

The Sea-Land Resource, owned by Reynolds Leasing Corporation and built by De Rotterdamsche

Droogdok Mig. N.V., is a contain- er carrier with a design speed of 33 knots, able to carry 896 thirty- five-foot containers and 200 seventy- foot containers. The Delta Sud, a barge and container carrier owned by Delta Steamship Lines, Inc. and built by Avondale Shipyards, Inc., is able to operate with both 74 sixty-one-foot cargo barges and 288 twenty-foot containers. The Presi- dent Pierce and President Johnson are general cargo and container carriers which are sister ships owned by the Ignited California

Bank and built by Ingalls Ship- building Division of Litton Sys- tems, Inc. Each of these two ves- sels is designed to operate with 736 twenty-foot containers, 58 twenty- foot containers and 196 forty-foot containers or other combinations thereof. All of these vessels are of

United States registry.

In connection with the LA'SH program, ABS has recently classed 44 barges owned by the Waterman

Steamship Corporation, which were built by the Equitable Equipment

Company, Inc.

The bureau also continues to be active in the classification of off- shore mobile drilling units, having recently classed three of these units —the Diamond M. Century, the

Penrod 70, and the Key West. The

Diamond M. Century, a column- stabilized unit owned by Banker's

Trust Company and built by Ala- bama Drydock and Shipbuilding

Company, is of United States reg- istry. Penrod 70, owned by Penrod

Drilling Company and built by Hi- jos De J. Barreras, S.A., is a column-stabilized unit of Panaman- ian registry. The Key West, a self- elevating unit owned by the Key

International Drilling Company,

Ltd. and built Iby Marathon Le-

Tourneau Company, is of Liberian registry.

Construction activity in very large crude carriers maintains a strong pace, and the American Bu- reau of Shipping has recently classed five such vessels—the Amo- co Singapore of 228,401 dwt, the

Splendid Diamond of 220,895 dwt, the Chevron Feluy of 264,191 dwt, the Esso Osaka of 278,683 dwt, and the Conoco Canada at 272,426 dwt.

All of these tankers are of Liberian registry.

OMS Ltd. Applies

For Financial Aid

To Build Nine Vessels

The Maritime Administration has received a Title XI application from OMS Ltd. Partnership No. I, 3701 Kirby, Houston, Texas, for aid in financing the construction of nine ocean / tug / supply vessels.

Two of the vessels, estimated to cost $1.8 million each, would be 175 feet long, and the other six, estimated to cost $3.2 million each, would measure 210 feet in length.

Eight of the vessels would be built by American Marine Corp.; nego- tiations are still under way for the ninth.

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