Page 51: of Maritime Reporter Magazine (September 1974)
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Freighters Inc. Asks
MarAd Approval To Purchase
Consolidated's PFEL Stock
Subject to Maritime Administration ap- proval, Freighters, Inc., headed by John
Alioto, son of San Francisco's Mayor Joseph
Alioto, has agreed to purchase the 49.9 per- cent share of Pacific Far East Line, Inc., now held by Consolidated Freightways, Inc.
In 1969, controlling interest in PFEL was acquired by Consolidated Freightways at a price of $24 million, and in September 1973
Consolidated wrote down its PFEL stock to $3 million, at which time it was offered for sale.
Mr. Alioto's firm presently owns only one ship—the 24,345-dwt bulk carrier American
Wheat. Freighters, Inc. would get Consoli- dated's shares of PFEL stock at a price of $10 per share, for a total of $4,622,660. If the necessary MarAd approval is obtained,
Mr. Alioto said applications will then be sub- mitted for subsidized operation of PFEL on two new routes, from West Coast ports to
Indonesia and mainland China. The line pres- ently operates on two routes to the South
Pacific and the Far East.
Matson Navigation Names
Walter Leong Port Engineer
Walter Leong has been appointed port engineer for Matson Navigation Company in the Port of Los Angeles. He succeeds Rich- mond Barker, who is retiring.
Mr. Leong, who was born in Honolulu, has sailed on Matson vessels for more than 30 years. He was chief engineer on the roll-on/ roll-off trailership Matsonia before the as- signment to the shoreside post.
Litton Industries Offers
Erie, Pa. Shipyard For Sale
Litton Industries has announced that it has terminated its Erie Marine operations and will seek to sell the Erie, Pa. shipyard. "We came to this decision very reluctantly, after an all-out effort to make this new yard a strong and viable enterprise," a Litton spokesman said. "We are grateful for the fine support of the people of Erie and of the
Commonwealth of Pennsylvania."
The Erie yard has been on standby, with a small nucleus of employees, for the past several months while the company was en- gaged in negotiations for a major shipbuild- ing contract. When these negotiations proved unproductive and were terminated recently,
Litton decided to sell the facility.
A company spokesman said there have been earlier expressions of a strong interest from prospective buyers of the shipyard.
Litton declined to identify the prospective buyers or to estimate when the yard might be sold.
The Erie Marine yard, a 200,000-square- foot facility for modular construction of very large Great Lakes carriers, was com- pleted in January 1969, at a cost of approxi- mately $20 million. This includes a $10- million expenditure by Litton, plus approxi- mately $10 million of Commonwealth of
Pennsylvania funding, through a 25-year loan in September 1967 to Litton through
EIDCO (Erie Industrial Development Cor- poration). Approximately $8 million of this loan remains outstanding and will be repaid,
Litton said.
Erie Marine produced the first of 1,000- foot-long Great Lakes ore carriers, the Stew- art J. Cort, for Bethlehem Steel Corporation, and a 1,000-foot-long tug-barge, the Presque
Isle, now operated by Litton under a long- term transport contract with U.S. Steel Cor- poration. The Cort began its service on the
Lakes in April 1972, and carried more than 2-million tons of iron ore pellets in its first two seasons. The Presque Isle, which also carries more than 50,000 tons of ore cargo per trip, made its maiden voyage in Decem- ber 1973, and returned to service early this season, in April.
At its peak, Erie Marine employed more than 300. Eight employees will now be re- tained in Erie for administration of Litton
Great Lakes Corp. and for routine mainten- ance of the yard. The company will assist its terminated employees in seeking new jobs with other area employers.
Delaval Publishes Bulletin
On IMO 3-Screw Pumps
IMO Pump Division of Delaval Turbine
Inc. has published a six-page illustrated bul- letin on IMO 3-screw pumps for use in fuel transfer, boost and burner service. Perform- ance data (discharge pressure vs. capacity) are given in separate plots for single-end and double-end IMO pumps. Typical con- soles and installations are illustrated.
The bulletin is available gratis from IMO
Pump Division, Delaval Turbine Inc., P.O.
Box 321, Trenton, N.J. 08602.
Around the clock, Turecamo's modern fleet of fast, pow- erful tugs stand ready to instantly provide you with the very best in towing services. Added to this are the years of invaluable ex- perience docking and undocking ships of all sizes and in every phase of towing operations.
When you want fast, efficient and economical service...Call
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