Farrell Sale And Leaseback Agreement Approved By MarAd
The Assistant Secretary, U.S.
Department of Commerce, Maritime Administration, has approved the request by Farrell Lines Incorporated (Farrell) to enter into a sale and leaseback agreement for two containerships being built with the aid of con- struction-differential subsidy and a Title XI guarantee.
The vessels, Austral Pioneer and Austral Puritan, are presently under construction at Bethlehem Steel Corporation's Sparrows Point, Md., shipyard. They are scheduled for delivery in November 1978 and February 1979, respectively.
Under the sale and leaseback agreement, Farrell will assign its rights and obligations under the construction contracts for the vessels to the United States Trust Company of New York (Shipowner).
The Shipowner will act as owner/trustee of the vessels under trust agreements, with wholly owned subsidiaries of the Bank of America National Trust and Savings Association as the equity participants.
Farrell will then bareboat charter the two container vessels under a separate 24-year charter for each of the ships. The terms of the sale and leaseback proposal are subject to approval by the Maritime Administration.
Other stories from September 15, 1977 issue
- Estimated Foreign Cost Of Two LNG Carriers $115.5 Million Each page: 6
- Bethlehem Steel Names G.Y. Marriner Manager San Francisco Yard page: 7
- AMPAC To Build Four Container Feeder Ships At Cost Of $92 Million page: 7
- SNAME New York Section Announces Program For 1977/1978 Season page: 8
- Marathon Manufacturing Adds $61 Million To Drilling Rig Backlog page: 9
- Role Of Ro/Ro Shipping In Dry Cargo Trade page: 12
- Port Of New Orleans Presents Key To City To Egyptian Official page: 13
- Morris Guralnick Associates, Inc. Name Hubert E. Russell page: 14
- Hillman-Designed New Class Towboat Delivered To Exxon At Baton Rouge page: 19
- $45-Million Subsidy Repayment Approved page: 23
- Bethlehem Steel Shipbuilding Names Roland V. Danielson —Hollinshead De Luce Retires page: 26
- Perspectives On Third World Port Development page: 30
- Farrell Sale And Leaseback Agreement Approved By MarAd page: 32
- Delta Steamship Names Badger And Collins page: 32
- CCN Of Brazil Launches New Type Bulk Carrier page: 33
- 51st Annual Propeller Club Convention And 1977 American Merchant Marine Conference Set For Galveston, Texas, Oct. 10, 11, 12, 13 And 14 page: 34
- Bulletin Describes Heavy-Duty Oil Filtration Systems page: 35
- Eight-Page Brochure Describes National's Fully Hydraulic Cranes page: 35
- Todd Shipyards Los Angeles Division Lays Keel For First Of Six U.S. Navy Frigates page: 38
- MacGregor Slewing Ramps Successfully Tested page: 39
- Skagit Corporation Announces European Dealership Agreement page: 40
- FMC Marine & Rail Lays Keel For Ro/Ro Barge To Carry 374 Forty-Foot Truck Trailers page: 40
- Egyptian Shipyard Receives License To Build Willard Boats page: 42
- Bergeron Industries Names Captain Tatman page: 42
- Port Authorities (AAPA) 66th Annual Convention Set For Mexico City page: 43
- Tanker Design Change Approved By MSB page: 44
- Mitsubishi Receives Tug Barge Systems' License To Build page: 46
- Norshipco Dedicates New $5-Million Repair Pier page: 47
- Fetzner Named President Sun Trading & Marine page: 48
- Jane's Fighting Ships 1977-78 Revised Edition page: 49
- Stanford Research Awarded $271,000 For Firefighting Study page: 50
- Renegotiation Board Erred In Computing Lockheed Steel Usage page: 51
- Pott Industries Names Miller VP Offshore Marine Services Div. page: 54
- Capt. James F. McNulty New Dean At Maine Maritime Academy page: 56
- Richard Daschbach Named Federal Maritime Commission Chairman page: 57
- Keene Brochure Describes Marine Discharge Control System page: 57