Oslo Approves Secondary
Share Listing For Cruise Line
Royal Caribbean International
said that it will go ahead with a
secondary share listing on the Oslo
Stock Exchange, which the compa-
ny believes is reflective of the glob-
al nature of its business and its
Scandinavian links. No new shares
will be issued as part of the sec-
ondary listing.
The Oslo Stock Exchange said
its board had approved the applica-
tion, and thus RCI will be the third
cruise shipping firm listed, after
NCL Holding and Miami-based
Cruise Holding Ltd.
SUNY Maritime Announces
Tuition Breaks For Mid-
Atlantic Scholars
Pennsylvania Gov. Tom Ridge
recently signed an agreement with
New York Gov. George Pataki to
provide major tuition cuts for
Pennsylvania residents who wis!
to attend the State University oi
New York Maritime College at Fori
Schuyler.
"Under this agreement,
Pennsylvania residents will be
able to attend a first-rate maritime
college while enjoying in-state
tuition rates of $3,400 annually,
rather than the out-of-state $8,300
rate," Gov. Ridge said. The col-
lege will receive an additional
$100,000 annual grant from
MarAd for its regional academy
status. The newly-designated
regional status will also enable the
college to offer the same reduced
tuition rates to five other states —
Connecticut, New Jersey,
Maryland, Virginia and Delaware
— none of which have their own
maritime colleges.
Tacoma To Break Ground
For Hyundai Terminal
Construction
The Port of Tacoma was to begin
construction of a new container
terminal for Hyundai Merchant
Marine (America) during a
groundbreaking ceremony sched-
uled for August 13.
In April of this year, the company
— a subsidiary of Korea's Hyundai
Merchant Marine Co., Ltd. —
signed a 30-year lease for a 50-acre
container terminal on the Port's
Blair Waterway. The facility is
scheduled to be in operation by
mid-1999.
Cascade General Begins
$ 14 Million Conversion
Project
Cascade General Shipyard in
Portland, Ore., is performing a $14
million conversion and recommi-
sion on a former U.S. Navy frigate
for its new owner, the Royal Thai
Navy. Work on the 440-ft. (134-m)
Knox class ship will include: sys-
tem reactivations; electronic and
equipment upgrades; repairs to
boilers, pumps, propulsion sys-
tems, stabilizer and rudder; dry-
docking; and coating. Cascade is
one of a few repair yards contract-
ed to activate ships through the
Foreign Military Sales (FMS) pro-
gram of the Naval Sea Systems
Command (NavSea).
"Our people have performed
well on past FMS contracts —
we've been able to apply our com-
mercial repair expertise to this
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