Title XI Approval For Two IOT Subsidiaries

The Assistant Secretary, U.S.

Department of Commerce, Maritime A d m i n i s t r a t i o n , has approved in principle the applications of SHIPCO 2297 Inc. and SHIPCO 2298 Inc. for Title XI guarantees to aid in the construction of one 165,000-dwt tanker each. The two corporations are wholly owned subsidiaries of IOT Corporation (IOT), 1400 Three Parkway, Philadelphia, Pa.

Both tankers are being constructed at Avondale Shipyards, Inc., Avondale, La. The first (SHIPCO 2297) is scheduled for delivery between May 30, 1978, and September 30, 1978; the second (SHIPCO 2298) is scheduled for delivery between September 30, 1978, and January. 30, 1979.

The estimated actual costs are $83.9 million and $85.8 million, respectively.

The tankers are being built pursuant to c o n s t r u c t i o n contracts between Standard Oil Company of Ohio (SOHIO) and Avondale Shipyards, Inc. (Avondale).

They are planned to be used to transport crude oil from Valdez, Alaska, to ports on the Western Coast of the United States. These vessels are the third and fourth in a series of four hulls to be built at Avondale. The first two hulls, together with two being built at Sun Shipbuilding & Dry Dock Co., have also received conditional Title XI guarantees. All six ships are being built to carry Alaskan 011 for SOHIO.

The two tankers will be time chartered by the applicants to SPC S h i p p i n g , Inc., a wholly owned subsidiary of SOHIO. The time charters are for 24 years on a "Hell or High Water" basis. Interocean Management Corporation, another wholly owned subs i d i a r y of IOT, will act as managing agent for the two vessels.

Maritime Reporter Magazine, page 18,  Sep 1977

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