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Page 32: of Maritime Reporter Magazine (April 1998)
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GE Capital, Sea Containers
Sign Agreement
GE Capital and Sea Containers
Ltd. signed an agreement to estab- lish GE SeaCo SRL, a Barbados
Society with Restricted Liability, which will also operate its existing marine container fleet, becoming one of the world's largest container leasing operations.
GE SeaCo will also acquire addi- tional containers for leasing out to both the marine and land inter- modal markets.
GE SeaCo will effectively be a 50/50 joint venture with initial capital and member loans totaling approximately $64 million.
GE Capital will purchase $25 million of equity in Sea Containers
Ltd. and these funds will be dedi- cated to the joint venture. GE
SeaCo will lease-in the existing container fleets of both companies on an operating basis and sublease the units to customers.
Once the containers have reached certain ages they may thereafter be managed by GE
SeaCo for the owners, sold at the owner's request or purchased by
GE SeaCo.
Montiron Acquires 10% Of
Viktor Lenac
Montiron Shipping Corporation has reportedly acquired a 10.5 per- cent stake in Croatia's repair docks
Viktor Lenac. Montiron Shipping
Corporation from Monrovia,
Liberia, obtained the stake from the former shareholder, Italy's
Arsenale Venezia S.p.A which is currently being liquidated. Viktor
Lenac repairs and refurbishes ves- sels and builds platforms for off- shore installations.
TECO Transport Expands
Mid-South Towing Fleet
TECO Energy, Inc.'s subsidiary
Mid-South Towing Company, the river barge transportation sub- sidiary of TECO Transport
Corporation, has chartered for five years, and entered into a definitive agreement to acquire at the end of the charter term, three towboats and 110 covered river barges from
Midwest Marine Management
Company. Under the agreement, the towboats and approximately 70 percent of the barges will be absorbed immediately into Mid-
South's fleet, with the balance of the barges to follow over the next several months.
EU May Eliminate All
Subsidies By 2000
There have been signals lately that European Union ministers may agree — as early as this sum- mer — to end aid to the bloc's ship- building sector after 2000
The European Commission last year proposed to end operating aid to the struggling sector, but indus- try ministers from the 15 EU nations disagreed on the plan when discussing it for the first time last November.
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Marine
Materials in May... next month's edition of
Maritime Reporter &
Engineering News will focus on Marine Materials, and their role in making vessels stronger, lighter and faster.
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