ITEL To Arrange
First American LNG
Ship Lease Transaction
Universal Gas and Oil Company,
Inc., 122 East 42nd Street, New
York, N.Y. 10017, has selected ITEL
Leasing Corporation, a subsidiary of
ITEL Corporation, One Embarca-
dero Center, San Francisco, Calif.
94111, to arrange a lease transaction
involving a 35,000-cubic-meter lique-
TO ORDER: CONTACT FPS
In New York:
INDEPENDENT
PETROLEUM
SUPPLY CO.
1345 Avenue of
the Americas
New York, N.Y. 10019
Tel. (212) 245-1280
fied natural gas vessel under long-
term charter to UGO.
The vessel, costing approximately
$40 million, is being built at Con-
structions Navales et Industrielles de
la Mediterranee, La Seyne, France.
Delivery is expected the first half of
1974.
Upon completion of the lease trans-
action, the vessel is expected to oper-
ate under the American flag, and is
likely to be the first such liquefied
natural gas vessel to come into the
American merchant fleet.
ITEL Leasing has agreed, in a let-
ter of intent, to use its best efforts to
structure and arrange the financial
transaction. ITEL Leasing has exten-
sive experience in arranging large-
scale full-payout leveraged lease fi-
nancing for major transportation, in-
dustrial and utility companies.
Universal Gas and Oil Company,
Inc. will engage primarily in the
transportation of liquefied gases. The
vessel involved in this proposed trans-
action is one of four liquefied gas
vessels, on order or charter to the
company, scheduled for delivery by
the end of 1974. In addition, Univer-
sal Gas and Oil owns various oil, gas,
and hard mineral exploration rights.
C.Y. Tung Orders
Two Huge Tankers
From Bremer Vulkan
C.Y. Tung has ordered two 320-
000-dwt tankers from Bremer Vul-
kan Shipyard, West Germany, ac-
cording to reports from Hong
Kong. The ships, scheduled for de-
livery in April and August 1976,
will be the largest in Mr. Tung's
fleet, although it is said that he is
also negotiating for another vessel
of between 400,000 and 500,000
deadweight tons.
Other reports indicate that the
Island Navigation Corp., part of
the Tung Group, is discussing the
building of a 371,000 tonner with
Sumitomo Shipbuilding & Machin-
ery Co., Ltd.
Dravo Appoints Two
To Managerial Posts
Dravo Corporation of Pittsburgh,
Pa., has announced two personnel
appointments in its Eastern Con-
struction Division.
William L. Horstman, former en-
gineering manager for the division,
has been appointed manager of
business development. Robert L.
Watson Jr., previously estimating
and cost manager, has been named
engineering manager.
Mr. Horstman, who joined Dravo
in 1947, will take responsibility for
new business activities in market-
ing and development. A civil engi-
neering graduate of Iowa State
College, he is a member of the
American Society of Civil Engi-
neers, Society of Military Engi-
neers, and Engineers' Society of
Western Pennsylvania. He is a
registered professional engineer in
Pennsylvania.
Mr. Watson, who joined Dravo
in 1953, will have responsibility for
engineering, estimating, cost con-
trol and contract administration for
the division. A graduate in civil en-
gineering at the University of Illi-
nois, he is a registered professional
engineer in Pennsylvania and Illi-
nois.
Dravo's Eastern Construction
Division is involved in a variety of
heavy construction and excavation
projects throughout the Eastern
section of North America and over-
seas, including dams, bridges, dock
and port facilities, shafts and tun-
nels.
Lavino Shipping Names
R.E. Delaney Director
The appointment of Robert E.
Delaney as a member of the board
of directors of Lavino Shipping Co.
has been announced by Edward J.
Lavino II, president of the Phila-
delphia, Pa.-based firm. Mr. De-
laney is treasurer and controller of
Lavino Shipping.
The strategic location of Antigua in the
Northeast Caribbean and our extensive
marine facilities have always been good
reasons for you to Bunker Antigua.
But now, with the addition of the modern
M.T. BUNKER ANTIGUA, we're making it
even more worthwhile. Some important
particulars on the M.T. BUNKER ANTIGUA
include: capacity approximately 42,000
barrels, pumping rate in excess of 5,000
barrels per hour, carries all grades of
marine fuels as well as potable water.
M.T. BUNKER ANTIGUA ensures prompt
delivery and quick turnaround to ocean-
going vessels of all types and sizes includ-
ing mammoth tankers, OBO's, container
ships and cruise liners.
To find out all the advantages of bunkering
Antigua or to place orders, contact our
agent nearest you.
In London:
INDEPENDENT
PETROLEUM
SUPPLY CO.
Swan House
34/35 Queen St.
London E.C.4
Tel. 01-236-4326
In San Francisco:
INDEPENDENT
PETROLEUM
SUPPLY CO.
601 California St.
San Francisco,
Cal. 94108
Tel. (415)981-5700
In Tokyo:
IPS EASTERN
CORPORATION
Taisho Seimei Bldg.
7,1-chome,Yurakucho
Chiyoda-Ku, Tokyo,
Tel. 214-2531/2
IN EUROPE, CONTACT:
Bunker Agent
C. Kubon & Company
Herm. Dauelsberg
The Maritime Agency
A. Anker-Nilssen A/S
Oil-Shipping Co
Josef Nilsson AB
City
Bergen
Bremen
Copenhagen
Oslo
Rotterdam
Stockholm
Territory
West Coast Norway
Bremen area
Denmark
East Coast Norway
Benelux, Switzerland
Sweden, Finland
SHIPOWNERS IN ITALY, FRANCE, GREECE, SPAIN AND THE HAMBURG AREA
MAY CONTACT THEIR LOCAL BROKER OR IPS LONDON.
'2JOOOOO
helper for Antigua Pit Stop
New tanker refueler
helps reduce cost,
bunkering time.
36 Maritime Reporter/Engineering News
Digital Wave Publishing