Page 11: of Maritime Reporter Magazine (November 2002)

News

Carnival Conquest is the first in a new series of ships for the line and becomes the 18th vessel in the Carnival Cruise

Lines fleet. The 2,974-passenger Super-

Liner will depart Italy on a 16-day transatlantic crossing in late October.

TEN Takes Pentathlon

Tsakos Energy Navigation Limited (TEN) has taken delivery of the Pen- tathlon, the third in a series of four new double hull suezmax tankers. The com- pany said a major Russian oil company has employed the vessel on a reposition- ing voyage. TEN is scheduled to receive the fourth suezmax sister ship, the

Triathlon, before the end of 2002. "TEN continues to build one of the youngest and most efficient oil tanker fleets in the world," said Nikolas P. Tsakos, presi- dent and CEO. "The Pentathlon repre- sents the continuation of our fleet's full transition to safe and efficient double- hulled vessels.

Northrop Grumman and

Kockum/HDW Partner Up

Northrop Grumman Corp. has signed a cooperative agreement with Kockums

AB and its parent company,

Howaldtswerke Deutsche Werft AG (HDW), under which Kockums will join a team assembled by Northrop Grum- man's Ship Systems sector to compete for the U.S. Navy's Focused Mission

Vessel Study. This study is expected to result in the development and construc- tion of a Littoral Combat Ship (LCS), one element of the DD(X) family of sur- face combatants planned for construc- tion by the Navy during the next quarter century.

Kvaerner, RGI to Estab- lish Yard Joint Ownership

Aker Kvaerner and Aker RGI have entered into an agreement to establish a joint ownership for their wholly owned shipyards in Germany, respectively

Kvaerner Warnow Werft and Aker

MTW. Among other conditions, the agreement is dependent on approval from Aker Kvaerner's and Aker RGI's lenders. The aim is to implement the new ownership by the end of 2002. Aker

Kvaerner will own 40 percent of the two yards. In Finland improvement initia- tives continue at Kvaerner Masa-Yard's facilities at Helsinki and Turku. The two yards have already improved their oper- ation, with positive results so far this year. At present the yards are engaged in the construction of four cruise-ships.

The Norwegian owner Color Line

November, 2002 recently confirmed an agreement of intent for a new cruise-ferry order for delivery in 2004.

Kirby Buys Coastal

Boats, Barges

Kirby Corporation signed an asset purchase agreement with Coastal Tow- ing, Inc. to purchase seven black oil tank barges and 13 inland towboats.

The transaction, estimated at $17.1 million in cash, is being financed through Kirby's operating cash flow and available credit under Kirby's bank revolving credit agreement. Kirby and

Coastal have also entered into a Barge

Management Agreement whereby Kirby will serve as manager of the combined black oil tank barge fleet, which will include Coastal's 51 remaining barges and Kirby's 65 barges, for a period of seven years. In a related transaction, on

September 25, 2002, Kirby purchased from Coastal three black oil tank barges for $1.8 million in cash. (800) 913-0062

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