398,000-Ton Tanker Pacific Joins General Electric Credit Corp. Fleet

The 398,000-deadweight-ton tanker Pacific has been added to the fleet of General Electric Credit Corp., the Stamford, Conn.- b a s e d company recently announced.

With the addition of the Pacific, GECC now owns 14 tankers.

The Pacific is the last of four tankers to be acquired through a leverage lease transaction and then chartered to the Shell Oil Co. The other vessels are the Alaska, the San Diego, and the Atlantic, the largest commercial vessel to be built in the Western Hemisphere, and a sistership of the Pacific. (See cover story, MARITIME REPORTER / Engineering News, April 15, 1979).

The Pacific's builders, Newport News Shipbuilding, put the price of the vessel at $89 million.

GECC, a subsidiary of the General Electric Co., acquired its first vessel in 1973 and today owns 2,528,000 deadweight tons in U.S.- flag tankers.

The company has i n d i c a t ed plans to acquire this year three integrated tug-barges now under c o n s t r u c t i o n at the Avondale Yard, New Orleans, La.

Other stories from April 1980 issue

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