CDS Awarded Chestnut Sh ipping To Retrofit Tanker At Northwest Marine

The Assistant Secretary and the Maritime Subsidy Board have authorized the award of construction-differential subsidy (CDS) for the retrofitting of either of two 89,700- deadweight-ton tankers operated by Chestnut Shipping Co. to meet the requirements of the Port and Tanker safety Act of 1978.

Chestnut Shipping has applied for CDS for the reconstruction of both vessels, the Chestnut Hill and Kittanning. The Maritime Administration actions permit the company to choose which vessel will be retrofitted under the terms of approvals granted; action was deferred on the award of subsidy for the reconstruction of the second ship.

The work will include installation of inert gas and crude oil washing systems and the replacement of cargo stripping pumps. The work will be performed by Northwest Marine Iron Works, Portland, Ore.

In a previous action the board determined that $3,930,076 per vessel (including $308,- 605 in national defense features) was a fair and reasonable price and set the subsidy rate at 43.66 percent. The amount of subsidy provided for the reconstruction of one ship will be $1,716,576.

Maritime Reporter Magazine, page 7,  Aug 1981

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Maritime Reporter

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