Page 9: of Maritime Reporter Magazine (May 1997)

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Maritime Reporter Magazine, page 8, May 1997

Maritime Reporter Magazine, page 9, May 1997

Maritime Reporter Magazine, page 10, May 1997

MARINE FINANCE

GAO Renders LPD-17

Protest Decision

The U.S. General Accounting

Office (GAO) has denied the protest of the Ingalls consortium with respect to the $641 million initial LPD-17 contract which was granted to the Avondale-led alliance in December.

The Navy has reportedly abided by the GAO decision by canceling its previously issued stop work order. "The GAO's decision further vali- dates the process by which the

Navy selected the Avondale alliance to design and build the

LPD-17 ship. The award not only has significant financial implica- tions for Avondale but also under- scores our ongoing progress in establishing Avondale's competi- tive and technical leadership in the shipbuilding industry," said

Avondale CEO A1 Bossier, Jr.

APL To Merge With NOL

As announced on April 14, con- tainer carriers Neptune Orient

Lines Ltd. (NOL) and APL Ltd. have signed a merger agreement, valued at approximately $825 mil- lion, under which APL will become a wholly-owned subsidiary of NOL.

NOL will acquire all 24.6 million outstanding shares of APL stock at $33.50 per share. "This combination of the comple- mentary APL and NOL route sys- tems, service organizations and intermodal assets creates a global container line with resources to provide customers comprehensive and efficient worldwide shipping services," said APL CEO Timothy

J. Rhein, adding that the deal will not affect APL's commitment to the

U.S. Maritime Security Program. "We expect both companies to realize significant cost savings of at least $130 million annually from the consolidation of certain operations and improved efficien- cies, including enhanced network optimization, streamlined infor- mation technology systems, improved box utilization, lowered inland costs and reduced terminal expenses," said NOL CEO Lua

Cheng Eng. "APL will be strengthened by the addition of

NOL's North American service operations to APL's industry-lead- ing, trans-Pacific container liner business," he added.

NOL and APL will operate a total fleet of 113 vessels, including 76 container ships.

APL will retain its name and brand in the marketplace, and will continue its transportation opera- tions headed by its existing man- agement in Oakland, Calif.

Port Of Tacoma And

Hyundai Sign 30-Year Lease

The Port of Tacoma Commission unanimously approved a 30-year lease with Hyundai Merchant

Marine (America) for the West

Blair Terminal on the upper Blair

Waterway. Under the agreement, the Port will build a $60 million terminal for Hyundai, which will be ready for use by mid-1999.

Under the terms of the lease,

Hyundai will start with a 50-acre terminal and a dockside inter- modal rail yard. A total of 10 acres will be added to the terminal with-

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