Page 15: of Maritime Reporter Magazine (March 1983)

Read this page in Pdf, Flash or Html5 edition of March 1983 Maritime Reporter Magazine

Moore McCormack

Completes Sale

Of Cargo Liners

Moore McCormack Resources,

Inc. of Stamford, Conn., an- nounced recently that it has closed the previously announced sale of its cargo liner subsidiary,

Moore McCormack Lines, Incor- porated, to McLean Securities,

Inc., the parent company of

United States Lines, Inc.

At the closing, Moore McCor- mack Resources received $30 mil- lion in cash and $30 million par value of cumulative preferred stock of McLean, having a reg- ular dividend rate of 11 percent per annum and to be redeemed over a five year period. In addi- tion, the sale also reduced Re- sources' long-term debt by ap- proximately $50 million. As pre- viously indicated, Resources ex- pects to recognize a profit on the transaction in its first quarter 1983 results.

James R. Barker, chairman and chief executive officer of

Moore McCormack Resources, commented: "The sale of Lines, our original business, is a very significant step. Conversion of

Lines to a more highly container- ized, intermodal operation, with broader trade routes and market- ing network, has become increas- ingly necessary to maintain its efficiency and profitability. We feel that the sale to the parent of United States Lines, a sub- stantial worldwide carrier, is the most appropriate way for Lines to continue its growth and prog- ress." $5.5-Million Sub Planning

Contract Awarded To

Electric Boat Shipyard

General Dynamics Corporation,

Electric Boat Division, Groton,

Conn., has been awarded a $5,- 586,261 cost-plus-fixed-fee con- tract for providing planning yard support for the deployment/oper- ational phase of Ohio-class sub- marine life cycle program. The

Naval Sea Systems Command,

Washington, D.C., is the con- tracting activity (N00024-83-C- 2000).

New Brochure Contains

Raytheon Radar Comparison

And Offer Of Free Life Vests

A new brochure is available from Raytheon Marine Company,

Manchester, N.H., comparing fea- tures offered in their 1983 line of radars. Eight models are avail- able, from Raytheon's compact 6-inch display 2600 MK III and 2800 MK II Mariners Pathfinder®

Radars with new expanded ranges, to the top of the line 10- inch display 1010 Mariners Path- finder Bright Display Radar.

With every purchase of a Ray- theon radar, from February 1 to

June 30, 1983, purchasers can receive free lifevests, either three adult and two children Type III

USCG-approved PFDs, or three commercial Type I USCG-ap- proved PFDs. "Raytheon has always pro- vided the highest quality of a large selection of radars designed to suit every boatowner's needs," said Raytheon Marine Company's

Stanley Clark. "Our free-lifevest offer this spring is one more ex- pression of Raytheon's commit- ment to helping boatmen main- tain the greatest level of safety in all kinds of weather."

The brochure details Ray- theon's new 1010 radar offering, for the first time, a 10-inch radar with digital bright display. This, and the many new and popular models are described.

The free lifevest offer is avail- able through participating Ray- theon dealers in the U.S. and

Puerto Rico. Raytheon offers a two-year limited parts warranty with one-year free onboard serv- ice from any of the company's

U.S. dealers and worldwide serv- ice network.

The four-page Raytheon Ra- dar Comparison Brochure in- cludes model dimensions, ranges, suggested prices, a listing of par- ticipating dealer locations, and lifevest offer information.

For a free copy,

Write 18 on Reader Service Card

Built-in fuel economy with


Fuel econ- omy designed-in from the start—that's what Bulkfleet wanted in their new, deep-notch tug/barges. That's why they decided to burn lower-cost heavy oil in their diesels. And why they specified

Westfalia Oil Purifiers in preassembled

CENTRI-PACK modules to get rid of impurities and water.

The result: a whopping 25% sav- ing in fuel costs and longer engine life, because clean oil prevents rapid wear and premature engine breakdown.

Bulkfleet chose

Westfalia Oil Puri- fiers because of their reliability and high efficiency. In

CENTRI-PACK con- figuration, the Puri- fiers come with all accessory components mounted in place—pre-piped and pre- wired, ready for fast, easy installation.

CENTRI-PACK also cleans lube oil... gets rid of the carbon and metal par- ticles that can damage diesel engines. This is another boost for engine life, plus solid savings in lube oil expense.

Westfalia Oil Purifiers save money wherever fuel or lube oil is used. Ask us for the name of your nearest

Westfalia marine distribu- tor... he'll show you how.


Centrico, Inc. 100 Fairway Court

Northvale, NJ 07647 201/767-3900

Courtesy Bulkfleet Marine Corporation

March 1, 1983 Write 7532 on Reader Service Card 17

Maritime Reporter

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