Title XI Approved For $43-Million Conversion Of Four MorMac Ships

The Maritime Administration has approved in principle an application by Moore McCormack Lines, Inc., a subsidiary of Moore McCormack Resources, Inc., Stamford, Conn., for a Title XI guarantee to aid in financing the reconditioning and reconstruction of the Mormacvega, Mormaclynx, Mormacargo and Mormacrigel.

The Maritime Subsidy Board previously approved a constructiondifferential subsidy (CDS) for the project.

All four of the 11,975-dwt Constellation-class vessels were built by Ingalls S h i p b u i l d i ng Corp., Pascagoula, Miss., and were delivered in 1964 and 1965. They will be lengthened by the inclusion of a new 115-foot cellular midbody section which will have three electro-hydraulic, 40-ton cranes for handling containers.

The number 3 hatch will be converted for containers in cells and provision will be made to carry containers four high at both and number 5 and 6 hatches.

The Title XI guarantee covers $32,516,000 ($8,129,000 per ship) or approximately 75 percent of the estimated actual cost (net of CDS) of $43,359,188 ($10,839,797 per ship). American Shipbuilding Co., Lorain, Ohio, is expected to do the reconstruction work. All four vessels are scheduled to be delivered by December 1982.

Maritime Reporter Magazine, page 6, Nov 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.