Page 7: of Maritime Reporter Magazine (August 2006)

August 2006 7 revamp production facilities. It will also boost productivity of TMCP steel, which provides high strength and welds without heat treatment. (Source: http://times.hankooki.com)

Intrepid to Close for

Repairs, Renovation

The aircraft carrier Intrepid, the mili- tary museum that has been docked on the Hudson River for 24 years, is sched- uled to close on Oct. 1 and will be moved to New Jersey for repairs and

Staten Island for renovation. The New

York Times reported that about a month after the museum closes, the carrier would be towed away from its mooring at Pier 86 and is not expected to return for 18 months. The museum's directors approved the general plan after Mayor

Michael R. Bloomberg and the City

Council agreed to provide a total of $17m over the next two years for the overhaul of the carrier and the pier. Gov.

George E. Pataki pledged an additional $5m in state economic development funds. In addition, $35.5m in federal funds would raise the public financing for the project to $57.5m, which should cover all the costs. (Source: The New

York Times)

Kristen Orders Tankers

From Hyundai Heavy

Kristen Navigation Inc. ordered three oil tankers from South Korea's Hyundai

Heavy Industries Co. for about $234m,

Bloomberg reported. The three ships will each have a capacity of 159,000 deadweight metric tons and are due to be delivered in 2009. (Source:

Bloomberg)

GE Shipping to Acquire

Two New Tankers

Great Eastern Shipping Company Ltd. has ordered two new building Long

Range One (LR1) Product tankers from

STX Shipbuilding Company of Korea.

The 74,500-dwt vessels are due for delivery during the third quarter of 2008-09. With this order, the company's new building orderbook stands at nine tankers (four LR1 product tankers and five MR product tankers) with an aggre- gate dwt of 0.52 million and five OSVs (four AHTSVs and one PSV). The exist- ing fleet of 74 vessels of the company includes 40 ships with an average age of 12.7 years and 34 offshore units and the order book comprises 12 vessels - seven tankers and five offshore supply vessels (OSVs). (Source: http://www.domain- b.com)

Spirit III Sale Reaps $27M

TT-Line reportedly sold the Spirit III for up to $20m more than it paid for the ship in 2003. But with cost of modifica- tion work done to make the ship suitable for Bass Strait, the TT-Line will proba- bly only keep about $3.7m from the sale, The Mercury News reported. It also has to pay its shipbroker more than $752,500 in commission. Mediterranean operator Corsica Ferries would pay $82.5m for the ship TT-Line bought for $62.2m. The identity of the buyer and the sale price had been kept confidential since a memorandum of understanding was signed. (Source: http://www.the- mercury.news.com.au) “ TO FIND THE FINEST

OCEANGOING VESSELS,

SOMETIMES IT’ S BEST

TO HEAD UPSTREAM.” - Duff Hughes, President, The Vane Brothers Company

Jeffboat, strategically located on the Ohio River in Jeffersonville, Indiana, has been designing and constructing vessels for 67 years. Over 10,000 vessels to be exact, all created with heavier welds, wheelabrated steel and superior coatings. At Jeffboat, not only do you get a technologically advanced oceangoing vessel at reasonable labor cost, you also get a dedicated project team. So when you look to build an oceangoing vessel, just look to the Ohio.

Online @ www.marinelink.com

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