MarAd Approves Application To Sell Cargo Vessels

The Maritime Administration has approved an application by the U.S.

Veterans of World War II of San Pedro, Calif., and the National Liberty Ship Memorial, Inc., of San Francisco, Calif, for permission to sell the cargo vessel Newcastle Victory for scrapping.

TIME The agency also approved an application from the U.S. Merchant Marine Academy Foundation, Inc., and American Merchant Marine Foundation, located at the USMMA, Kings Point, N.Y., for permission to sell the cargo ship Kingsport for scrapping.

Both vessels will be sold to Incom Shiptrade Limited, a British corporation, for scrapping in either India, Pakistan or Bangladesh.

MarAd determined that these groups were qualified to accept this vessel on an "as is, where is" basis under Public Law 101-595. This law authorizes the secretary of transportation to transfer titles of obsolete vessels in the National Defense Reserve Fleet to a group or groups of nonprofit organizations that would scrap the vessels and share equally in the proceeds. Proceeds would be used to acquire land, design, berth, refurbish, repair or construct a memorial to merchant mariners.

Maritime Reporter Magazine, page 24, Mar 1992

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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.