MarAd Approves Loan To Finance Bulk Carrier

The Maritime Administration has approved in principle construction loan and mortgage insurance to help finance a 63,000- deadweight-ton self-unloading Great Lakes bulk carrier for Armstrong Steamship Co., 555 Madison Avenue, New York, N.Y.

Armstrong, a new wholly owned subsidiary of American Steamship Co., expects delivery of the $42.8-million ship about August 1, from Bay Shipbuilding Corporation, Sturgeon Bay, Wis.

Armstrong has a so-called "hellor- high-water transport agreement" with Detroit Edison to deliver coal from Superior, Wis., for the next 26 years to the big utility's powerplants at St. Clair and Belle River, Mich.

The vessel, to be named Belle River, has a 16,000-ton-an-hour discharge coal capacity and expects, on 41-round voyages annually, to bring down 2.6 million tons of coal, according to documents filed with MarAd.

American Steamship operates 19 Great Lakes bulk carriers directly or through affiliates and subsidiaries.

Other stories from July 1977 issue


Maritime Reporter

First published in 1881 Maritime Reporter is the world's largest audited circulation publication serving the global maritime industry.