Page 7: of Maritime Reporter Magazine (July 1978)
Mar Ad Approves
Title XI Guarantee
Deputy Assistant Secretary-
Samuel B. Nemirow, U.S. Depart- ment of Commerce, Maritime Ad- ministration, has approved in principle the application by Off- shore Logistics, Inc., 1001 Pin- hook Road, Lafayette, La., for a
Title XI guarantee to aid in fi- nancing the construction of four 210-foot, ocean towing vessels.
Offshore Logistics has ar- ranged for sale-lease financing, using Continental Illinois Na- tional Bank and Trust Company as owner trustee. The owner trustee will own the vessels for the benefit of Continental Illinois
Leasing Corp., which will bare- boat charter the vessels to Off- shore Logistics. The charters will be for 25 years on a "Hell and
High Water" basis.
The vessels are being con- structed by J. Ray McDermott &
Co., Amelia, La. They are rated at 2,900 horsepower, and will have a service speed of 12 knots.
Offshore Logistics will employ the vessels initially in the Gulf of Mexico, and later off the U.S.
Atlantic Coast. They will be op- erated by an affiliate of the com- pany.
The estimated actual cost of each vessel is approximately $3,350,000. The Title XI guaran- tee will cover 87% percent of the actual cost.
IACS Elects Hildrew
Chairman For 1979-80
At the 11th IACS Council Meet- ing in May, Bryan Hildrew, man- aging director of Lloyd's Register of Shipping, was unanimously elected chairman of the Inter- national Association of Classifi- cation Societies for the next biennial term (1979-1980).
The Member Societies of IACS are American Bureau of Ship- ping, Bureau Veritas, Det norske
Veritas, Germanischer Lloyd,
Lloyd's Register of Shipping, Nip- pon Kaiji Kyokai, Polish Register of Shipping, Registro Italiano
Navale, and USSR Register of
Associate Members are Yugo- slav Register of Shipping, Korean
Register of Shipping, and DDR-
Schiffs-Revision und Klassifika- tion.
July 1, 1978 15 plied by
Metli ane Pioneer
Meth ane Princess
Desc irtes Above: El Paso Southern, Newport News Shipbuilding, launched in 1977.
Below: El Paso Columbia, Avondale Shipyards, launched in 1976.
El Pa >o
El Pa so
Robert Hague Post
Guard Of Honor Ball Set
For Oct. 21 At Waldorf
Comdr. Christian A. Bendixen,
Robert L. Hague Merchant Ma- rine Industries Post #1242, Amer- ican Legion Department of New
York, has announced the date of that Post's 38th Annual Guard of
Honor Ball, to be held at the
Waldorf-Astoria's Grand Ball- room, Saturday, October 21, 1978, in New York City.
James A. Farrell Jr., chairman of the board, Farrell Lines In- corporated, will be the guest of honor and receive the American
Legion's Distinguished Service
Citation for a lifetime of service to the American merchant marine and the maritime industry. Com- mander Bendixen said that Mr.
Farrell was awarded the Hague
Post's American Merchant Marine
Achievement Trophy in 1964.
He also said that only two other executives have received the dual honor in the more than a quarter- century of the awards. They were
Adm. John M. (Dutch) Will, and
Thomas J. Smith of Farrell Lines.
Considered to be the highlight of the maritime industry year, the ball has been held in the
Waldorf since 1946, and draws a crowd of 1,000 annually.