Page 13: of Maritime Reporter Magazine (December 1997)

MARINE FINANCE

Cosco Sells Vessel For $19

Million

A Cosco Investment (Singapore)

Ltd. subsidiary has agreed to sell a vessel for $19.3 million to

Panamanian company

Ruichanghai Maritime Inc. Cosco plans to deliver the bulk carrier by mid-November.

HHI Wins $250M

Shipbuilding Order

Hyundai Heavy Industries Co. (HHI) won a $250 million order from Reading & Bates Corp. to build a semi-submersible drilling rig on a turnkey basis.

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Bollinger Awarded Contract

To Build Barge

Bollinger Marine Fabricators (BMF), a subsidiary of Bollinger

Shipyards, Inc., has been awarded a contract to build a tank barge for

Allied Towing Corporation. The double skin, Type II tank barge measures 257.6 x 54 x 12 ft. (78.5 x 16.5 x 3.6 m), and is scheduled for delivery in April 1998.

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Pan-United Contracted For

Double-Hulled Tanker

Pan-United Corp. has won a con- tract to complete the building of a double-hulled product/chemical tanker.

The contract comes from new client, United Tankers AB of

Sweden.

The incomplete 16,700-dwt ves- sel arrived at Pan-United's facili- ties in late October.

The ship is expected to be deliv- ered to United Tankers in mid-

April 1998 to trade in northern

Europe.

United Tankers Orders

Tanker From Spain

United Tankers has ordered an 18,800 dwt stainless steel tanker from Spanish shipyard Factorias

Vulcano at Vigo. The new 18,800- dwt, double-hulled chemical tanker will have a tanker volume of 19, 500 cu. m. and is scheduled

December, 1997 to be delivered by 2000.

London & Overseas Sells

Tankers For $51M

London & Overseas Freighters reportedly sold its fleet of three

Panamax tankers to clients of

Pegasus Shipping for $51.5 mil- lion. London & Overseas said it expected to make a profit of $30 million on the sale.

Tankers For Sale

Turkey's petroleum retailer

Petrol Ofisi announced plans to sell two of its unused oil tankers through tenders. The 3,200-dwt

Boray and 1,000-dwt Piri Reis will be sold after their financial assess- ment have been completed by the company.

Boray has been unused since

April, 1996, and Piri Reis has been unused since June 1997.

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