Page 41: of Maritime Reporter Magazine (March 15, 1983)
Interocean Steamship Buys
Lykes Steamship For $150-Million
W.J. Amoss Jr., president and chief executive officer of Lykes
Bros. Steamship Co., Inc., New
Orleans, La., announced recently that the purchase of Lykes
Steamship by Interocean Steam- ship Corp. from The LTV Cor- poration has been completed.
The sale price was $150 mil- lion including $85 million in cash.
Interocean is a Florida company owned by Lykes Bros. Inc., of
Florida, Mr. Amoss, and two oth- er Lykes Steamship senior exec- utives, Robert J. Brennan and
Eugene F. McCormick.
Lykes Bros. Inc., based in
Tampa, is the original parent company of Lykes Steamship.
LTV and Lykes Corp., of which
Lykes Steamship was a subsid- iary, merged in December of 1978. Mr. Amoss said: "Lykes
Steamship will continue to pro- vide the shipping public with the efficient, responsive service it has come to associate with Lykes. "We have enjoyed our associ- ation with the LTV Corporation,"
Mr. Amoss continued. "Our rela- tionship was always a good one.
LTV gave us considerable free- dom in both day-to-day opera- tions and long-range develop- ment. As a result of the associ- ation, Lykes is a disciplined, quantitative-oriented organiza- tion. "We are very enthusiastic about Lykes's future," the chief executive officer said. "Because of the sale, we will have the flexibility to devote our resources to vessel replacement and ex- pect to move ahead with the fleet replacement program we already have in a development stage.
Lykes Steamship, based in New
Orleans, operates a fleet of 46
U.S.-flag cargo ships on trade routes covering the U.S. Gulf,
West, and South Atlantic coasts, the Great Lakes and St. Law- rence Seaway, Northern Europe and the United Kingdom, the
Mediterranean, South and East
Africa, the west coast of South
America, and the Far East. Lykes
Steamship has been in service for more than 80 years. Among the innovations it introduced into shipping was the SEABEE barge, container, and heavy lift vessel.
Climax Offers 56-Page
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Steels" by J.Z. Briggs and T.D.
This is a detailed, extremely informative report containing thousands of facts, charts, graphs, etc. For a free copy,
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Union Carbide Seeks $80-Million Title XI
For Product Tanker
Union Carbide Marine Fleet,
Inc., a subsidiary of Union Car- bide Corp., Danbury, Conn., and
Marine Chemical Steamship Co.,
Inc., a subsidiary of Marine
Transport Lines, Inc., New York,
N.Y., have applied for a Title XI guarantee to aid in financing the construction of a 35,000-dwt chemical and product carrier.
The steam-turbine, 17,500 shp vessel, to be named the Chemi- cal Pioneer, is expected to oper- ate on the U.S. Gulf and East
Coasts and to and from Puerto
Rico. Newport News Shipbuild- ing, Newport News, Va., is build- ing the tanker. Delivery is set for August. If approved, the Title
XI guarantee would cover $80,- 813,000 of the estimated actual cost of $132,219,000.
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March 15, 1983 Write 488 on Reader Service Card 39