Page 16: of Maritime Reporter Magazine (May 1997)

MARINE FINANCE quarter were down nine percent, as volumes declined in the subma- rine unit. Increased margins in the submarine business result principally from our excellent per- formance in cost management," he added, saying that the marine group is looking forward to new opportunities, including participa- tion in the LPD-17 contract. "A competitor's protest of that award has been resolved, with the

Navy upholding the award to the winning team. In addition, the

Navy has said that it intends to maintain an even split between

Bath and a competing shipyard for the 12 DDG 51 destroyers it intends to contract for in 1998," said Mr. Mellor. "In February, at the Navy's urg- ing, Electric Boat and Newport

News Shipbuilding announced a teaming agreement to cooperative- ly build the Navy's new attack sub- marine ... We believe the teaming agreement is a sensible and for- ward-looking approach to ship- building in the post-Cold War era, and that it will provide superior technology at significant cost sav- ings for the Navy," said the GD executive.

U.S. Transportation

Company Earnings Suffer

Due To Flooding

The parent company of barge transportation company Midland

Enterprises — Eastern

Enterprises — announced in early

April that continued flooding on the inland waterways was having a significant adverse impact on 1997 operating earnings for the subsidiary.

According to Eastern CEO J.

Atwood Ives, "...We now expect

Midland to report significantly lower earnings for the first half of the year."

On March 25, marine transporta- tion company Kirby Corp. made a similar announcement, saying that flooding would negatively impact its first quarter earnings, anticipating that earnings could be affected by at least $.05 per share, as during the 1993 flooding which closed the upper Mississippi.

Interpool Subsidiary Wins

Contract

Interpool, Inc.'s subsidiary Trac

Lease, Inc. has been awarded a contract by the Grand Alliance

Chassis Pool to administer a fleet of up to 42,000 marine shipping container chassis. Interpool

Chairman Martin Tuchman reportedly said that Trac will employ the "Poolstat" copyrighted computer software program which it licenses from its shipping con- tainer affiliate, Interpool Ltd., to administer the chassis and the pools.

Trac Lease owns or operates approximately 57,000 chassis which it leases primarily to steamship lines engaged in the international intermodal trans- portation business. It has also operated chassis pools for the past eleven years for U.S. state-run port authorities, railroads and ter- 99 Another "LINDENAU Double Hull

Tanker Class 2000" Newbuilding MT "SEADEVIL

D-24157 Kiel, Germany, P.O. Box 9093

Phone +49 431 39 93-0, Fax +49 431 39 30 62

Telex 292233 lindw d lie developed, designed and built in cooperation vith our longstanding customer Carl Biittner

Shipping Company. Bremen. Germany's largest louble hull oil product tanker MT "SEADEVIL"

Yard Newbuilding S 240).

Iain Particulars: sngth over all (loa) 177,75 m ingth between perpendiculars (Ibp) 168.00 m readth (moulded) 28.00 m epth ' 16.80 m raft (max.) 11.00 m eadweight a.t. 32.250 t argo tank volume (100%) 38.600 cbm lain engine output 8.340 kW ervice speed (at. abt. 6.600 kW) 14.7 kn lass:

L SB 100 A5 E2 OILTANKER ESP. COLL 3 + MC E2 AUT. INERT

Circle 322 on Reader Service Card — M I I I I I'M I I I M

SCHIFFSWERFT & MASCHINENFABRIK