January 1977 - Maritime Reporter and Engineering News

Title XI Financing Approved For Tankers

Assistant Secretary of Commerce for Maritime Affairs Robert J. Blackwell has approved in principle the applications of Shipco 2295, Inc., and Shipco 2296, Inc., 611 Wilmington Trust Building, 110 West 10th Street, Wilmington, Del., for Title XI Federal Ship Financing Guarantees to aid in financing the construction of two (one for each applicant) 165,000-dwt segregated ballast tankers.

The vessels, estimated to cost $86.2 million and $87.6 million, respectively are to be constructed by Avondale Shipyards, Inc., New Orleans, La., under a December 1974 contract between Avondale and the Standard Oil Company of Ohio. Scheduled delivery dates are October 1, 1977 for the 2295 vessel, and December 31, 1977 for the 2296 vessel.

The tankers will have a crew complement of 26, an overall length of 906 feet, a draft of 55 feet, and a service speed of 14.6 knots. They will be employed transporting crude oil from Valdez, Alaska, to the U.S. West Coast for Standard Oil Co. of Ohio.

Both applicants will be incorporated under the laws of Delaware as wholly owned subsidiaries of Keystone Shipping Company.

Other stories from January 1977 issue


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