Page 16: of Maritime Reporter Magazine (March 2003)

News

NNS Awarded Contract

Northrop Grumman Newport News,

Newport News, Va., is being awarded a $23.1-million firm-fixed-price contract for the interim dry-docking of the USS

Minneapolis/St. Paul (SSN 708). This effort will include maintenance, repair and ship alteration. Work will be per- formed in Newport News, Va., and is expected to be completed by June 2003.

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Tsakos Expands Fleet

Tsakos Energy Navigation Limited has received two new vessels from

Imabari Shipyards in Japan. The

Aframax Marathon immediately entered into an accretive repositioning voyage with a major South American oil con- cern. The Panamax Maya, the first in a series of four new fully coated pana- maxes, was received on January 24. and also immediately entered into an accre- tive repositioning voyage with a major

Asian oil concern. Including these two vessels, TEN expects to add six new- buildings to its fleet in 2003. TEN has arranged financing for the remaining

Aframax and one of the three additional

Panamaxes scheduled for delivery 2003.

Remaining financing needs include two

Panamaxes scheduled for delivery in the second half of 2003 and one handy-size products carrier to be delivered in 2004.

Graig Group Secures

Orders For Bulk Carriers

Graig Group has secured seven firm orders for its modern double-hull ultra handymax Diamond 53 bulk carrier.

Graig has ordered two Diamond 53's from Shanghai's New Century yard.

Athens-based Thenamaris has taken two

Graig orders from the same yard, and

Scandinavian interests have confirmed, through Graig, three orders at

Shanghai's Chengxi yard. First deliver- ies will begin in January 2005. A total of nine options have been granted by the two shipyards.

General Maritime To

Acquire 19 Tankers

General Maritime Corporation has agreed to acquire 19 tankers, including 14 Suezmax and 5 Aframax vessels from

Metrostar Management Corporation, a

Greek tanker operator. The acquisition of the vessels is expected to commence on March 1, and to be concluded by

April 30. 2003 during which time the vessels will be integrated into General

Maritime's fleet operations. On a com- bined basis, the company's new fleet will be composed of 47 tankers, 28

Aframax and 19 Suezmax tankers. The combined fleet will have a total of 5.6- million dwt. Three of the acquired tankers have time charter contracts attached to them at an average rate of $23,700 per day.

ABS, MMS to Collaborate on Offshore, Gas Ops

ABS has signed a Memorandum of

Agreement (MOA) with the U.S.

Department of the Interior's Minerals

Management Service (MMS) that estab- lishes a formal framework for scientific and technical collaboration between the two organizations with respect to off- shore oil and gas operations. The agree- ment represents formal recognition by the MMS of the technical expertise of

ABS in design review and survey of off- shore facilities to verify compliance with applicable regulatory requirements.

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Bethlehem Agrees in

Principle to Sell Assets

Subsequent to its bankruptcy filing,

Bethlehem Steel Corporation has reached an agreement in principle with

International Steel Group (ISG) for the sale of substantially all of Bethlehem's assets.

The agreement is subject to the approval of Bethlehem's board, the com- pletion of an asset purchase agreement, the approval of the bankruptcy court having jurisdiction of Bethlehem's chap- ter 11 case and the satisfaction of certain conditions to closing, including required governmental approvals and other con- sents, and the resolution of certain claims by the Pension Benefit Guaranty

Corporation.

LR to Class New Fleet of

Container Ships

Lloyd's Register will class a series of five 8.100 teu container ships to be built at Samsung Heavy Industries. The ships, ordered by Seaspan and China Shipping

Group, are the largest container vessels to be built in South Korea.

Circle 5 on Reader Service Card 380n/miles from Boston - 600

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Donald R. Kerr: Tel. 902-492-5820

E-mail: [email protected] www.irvinsshiDbuiIdine.com

US Agent: Lou Gomlick: Tel. 732-290-0049