Page 9: of Maritime Reporter Magazine (July 1997)

MARINE FINANCE

Clubs.

The EU exempted some of these limits in 1985, after amendments to the original International Group

Agreement were introduced; how- ever these amendments have not sufficiently improved competition.

The P&I Clubs can reply to EU objections before a final position is adopted.

Litton Reports Earnings;

Seeks Stock Sale

On June 5, Litton Industries

Inc. announced that sales for the third quarter ended April 30 increased nine percent over 1996 sales to $1.1 billion. Net earnings for the third quarter rose eight percent over the comparable peri- od of FY96 to $42.0 million.

According to CEO Michael R.

Brown, "Litton's financial results continue to benefit from the inte- gration of acquisitions completed during fiscal 1996 and 1997."

Litton filed a shelf registration on June 2 with the Securities and

Exchange Commission (SEC) to sell up to $400 million in preferred stock and debt securities. Net pro- ceeds will reportedly be used for general corporate purposes.

GE To Market Low NOx

Combustion System For Gas

Turbines

Through their GENXON(TM)

Power Systems joint venture,

Catalytica Combustion Systems,

Inc. and Woodward Governor Co. announced an MOU with General

Electric (GE) for the commercial- ization of XONON(TM) combus- tion systems for GE gas turbines.

The system will be adapted and applied to the requirements of

GE's installed turbines, and GE will market the system and pro- vide installation and retrofit ser- vices. The system has reportedly demonstrated oxides of nitrogen (NOx) emission to ultra-low levels, achieving NOx emission levels in the 3 ppm range during a trial on a

GE 9E test stand.

EU Approves Swedish

Shipping Aid Scheme

The European Commission has raised no objection to a state aid

July, 1997 scheme for Swedish shipping to help maintain and enhance job opportunities and training aboard

Swedish-flagged vessels operating in international cargo trades to or from Sweden or in cross trades.

The scheme is an extension of a 1994 plan, and will run until the end of 2001. The total budget for

Value is a full line of chillers and condensing systems for every cruise vessel. 1997 is ECU 46 million.

Sumitomo Wins 10-Ship

Order

Sumitomo Corp. has reportedly won a contract to build 10 double- hulled bulk cargo ships for Hong

Kong-based Top Glory Shipping

Co. The order is estimated to be worth $197.3 million. The ships include six 30,000-ton carriers and four 74,000-ton vessels. Sumitomo is expected to subcontract the work to Oshima Shipbuilding Co. of Nagasaki Prefecture, for deliv-

It's compact, space-saving design for new installations.

It's modular construction for retrofit installations.

It's every type of cooling plant to 90CM Marine Centrifugal Chiller (5,000kW) TRA N5 I COLD ©1995 Carrier Transicold

Circle 228 on Reader Service Card

It's ozone-friendly

Refrigerant-134a for people - friendly performance.

It's maximum cooling capacity in the least amount of space.

For you, the comfort factor is working with a supplier who provides everything you need. Air conditioning and refriger- ation. New installation and retrofit.

Backed by expert technical support, worldwide. You value a business relationship built on personal service. siness

UNITED TECHNOLOGIES

TRANSICOLD