Page 40: of Maritime Reporter Magazine (July 2003)

People & Company News

Stewart Wilson

Stewart, Wilson Promoted at NNS

Northrop Grumman Corporation's

Newport News sector announced that

Becky Stewart was promoted to vice president. Surface Ship and Submarine

Fleet Maintenance and Veasey Wilson was promoted to vice president. Supply

Chain Management. Stewart previously served as director for Surface Ship and

Submarine Fleet Maintenance, is now responsible for all aspects of naval and commercial surface ship and submarine fleet maintenance from pre-contract through delivery. Wilson previously served as executive director for Supply

Chain Management. He joined the com- pany in 1997 and is now responsible for all material operations across the sector, which includes sourcing, logistics, sup- plier quality, material operations, and supply chain business planning, analysis and efficiency.

Farstad Signs MOU With P&O

Farstad Shipping ASA has signed a

Memorandum of Understanding (MOU) with P&O for the purchase of P&O's 50 percent share in P/R International

Offshore Services ANS (IOS) and

P&O's offshore supply management services in Melbourne. IOS. where

Farstad already has a 50 percent share, has presently a fleet of 18 vessels, including two vessels on bareboat con- tracts. With an operating income of S76 million in 2002, IOS has two newbuild- ings for delivery in 2003. And with the exception of two vessels, the fleet is trading the South East Asian and

Australian market. The purchase price is

S84.7 million. With the gross investment for Farstad Supply at approximately $150,000 for the 50 percent-share, the parties intend to complete the transac- tion by the end of June.

Caporelli to Manage Crowley's

Dispatch in Southern California

Crowley Marine Services has appoint- ed Elizabeth Caporelli as Manager of

Tug Dispatch in Southern California.

She will be based in Los Angeles and will have responsi- bility for Crowley's day-to-day com- mercial tug opera- tions in Los

Angeles/Long

Beach and in San

Diego. In addition, she will handle customer service, mar- keting data collection and analysis, and maximizing fleet utilization.

Hagglunds Names Duncan President

Hagglunds has named John Duncan as president of Hagglunds Drives, head- quartered out of Columbus. Ohio. A member of the

Arcorus Group, parent Hagglunds

Drives AB is head- quartered in

Mellansel. Sweden with sales compa- nies and represen- tatives throughout the globe.

Duncan will be charged with directing the aggressive new equipment sales growth of Hagglunds' U.S. and

Canadian operations.

Caporelli

Duncan

TEN Receives Panamax Tanker,

Announces Charter Agreement

Tsakos Energy Navigation Ltd. has entered into a new medium-term charter arrangement w ith PMI, the state owned oil company of Mexico. Under the terms of the agreement, TEN has chartered its newly delivered coated double-hulled

Panamax. the Aztec, to PMI. The con- tract is for 30 months at an accretive rate. TEN currently has the Handysize product carrier Libra chartered to PMI until 2005. The Panamax Aztec was delivered on May 29 from Imabari

Shipyards in Japan. The vessel immedi- ately entered into a profitable reposi- tioning voyage with a major oil trading concern, and will then commence the time charter w ith PMI.

Van Dawark to Head Todd Pacific

Thomas V. Van Dawark will assume duties as the president and COO of Todd

Pacific Shipyards. Van Dawark. who is the former president and CEO of Marine

Resources and Foss Maritime Co.. in his 14 years as president, managed to ele- vate revenue and income substantially.

He succeeds Rollie Webb, who recently announced his resignation from the president and COO position.

Stelmar Signs Time Charter

Stelmar Shipping Ltd. has signed a time charter contract for Ambermar. a 2002 double-hull Handymax tanker. The time charter was renewed for another two years by Fuel and Marine

Marketing LLC (FAMM). a

ChevronTexaco company, at a rate of

S14.000/day. To date. Stelmar has secured 82.4 percent of the net operating days of its fleet on profitable time char- ters for 2003 and 39.2 percent for 2004, representing SI38 million and $86 mil- lion in revenues, respectively. Stelmar also announced the sale of Promar, a

Loughlin 1988 double sides Handymax tanker.

Following the sale of Promar. Stelmar w ill have 30 tankers in service, with an average age of 7.3 years.

LR Appoints New COO

Chris Loughlin has been appoint- ed to the new post of COO for the

Lloyd's Register

Group, effective

July 1. 2003. This appointm e nt marks the success- ful completion of the second phase of the Lloyd's Register recovery program, during which David

Moorhouse has carried out the roles of

Chairman and Chief Executive. As

Executive Chairman, Moorhouse will continue to take responsibility for the

Group's activities, with Loughlin joining him and Robert Biddle, Group Finance

Director, as an executive member of the

Board.

Somerville elected CEO of ABS

Robert D.

Somerville. cur- rently President and COO of ABS has been elected to the position of

CEO by the ABS

Board of

Directors. These duties will be in addition to Somerville's current respon- sibilities. The transfer of CEO responsi- bilities from ABS Chairman Frank J.

Iarossi marks the first phase in a careful- ly planned leadership transition strategy.

Iarossi will continue as Chairman of the classification society until May 1, 2004 and remains Chairman and CEO of the

ABS Group of Companies, an affiliate

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