Page 17: of Maritime Reporter Magazine (November 2003)

IZAR Enters Fast Ship

Project

The U.S. based Fastship initiative received a boost with the addition of

Spain's IZAR to its team. Fastship. which for years has been trying to bring from drawing board to the waterways its innovative - door-to-door from the U.S. to Europe - maritime cargo transport project, signed an agreement for IZAR to conduct a feasibility study of the ships and their construction. The project would link both continents by means of a high speed ship line running from

Philadelphia to Cherbourg, able to deliver the cargo to its destination in the same time than air transport at a sensibly lower cost - up to 50 percent cheaper, the company claims. The project will undergo an intense analysis, with IZAR exclusively in charge of revising the design to optimize technology, a phase expected to be completed in December.

Once the concept has been verified,

IZAR will be in charge of the construc- tion of the ships. The current plan call for. during the first phase, for IZAR to build a series of three or four 265-m. 40- knot containerships, each propelled by

Rolls Royce gas turbines. The plan is a ship able to travel from Philadelphia to

Cherbourg in an average 92 hours.

Signficant reductions in cargo handling times and in official customs procedures will also be acheived.

Fastship and its strategical partners in the project: BP Marine. Cargolux,

Cherbourg Port, CDC IXIS. CP Ships,

Greenwich Terminals. International

Development Projects. JP Morgan,

Lockheed Martin Corporation, Rolls

Royce. TTS Marine, as well as IZAR. are jointly working in the setting-up and development of a financial package for the total coverage of the project, includ- ing the port terminals and the construc- tion of the ships.

Boeing Awards $73M

Platform Contract

AMFELS Inc. won a $73-million firm-fixed-price contract for the modifi- cation of a platform from The Boeing

Company. The SBX Platform is a self- propelled semi-submersible modified oil-drilling platform developed for the

U.S. Government's Sea-Based Test X-

Band Radar (SBX) in support of its ground-based midcourse missile defense system. The work scope involves outfitting of the bare hull of the platform, construction and assembling of the living quarters, the electrical, net- working and mechanical work and the commissioning of the vessel. The vessel is expected to be delivered in the first quarter of 2005. AMFELS currently is

November 2003 building a jack-up rig for a Mexican owner and a platform drilling rig for an

American firm as w ell as upgrading sev- eral offshore drilling rigs.

For more information

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TEN Signs Time Charter for Aframax Olympia

Tsakos Energy Navigation Limited (TEN) announced a new time-charter contract for the Aframax Olympia with a major European charterer. The two-year contract begins in November 2003 upon the expiration of Olympia's current con- tract. The rate obtained for the new time charter will positively impact earnings. "TEN remains committed to securing attractive, long-term charters that will provide a steady and predictable flow of earnings and strengthen its balance sheet," stated Nikolas P. Tsakos,

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Fabrication Properties

Corrosion Resistance

Capacity for being cold worked

Capacity for being hot formed

Suitability for being joined by:

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Gas shielded arc welding

Resistance welding

Hot forgeability rating

Rating

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