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Moore-McCormack Elects Tames Barker MarAd Details New Subsidy Plan The Maritime Administration has tentatively worked out a new con- struction subsidy estimating system based on ship types and is seeking industry comment before adopting it. Since the new 10-year promotional program extends construction sub- sidy to almost any kind of ship for foreign trade, a new method for James R. Barker Moore and McCormack Co., Inc., New York, N.Y., elected a new corporate head for itself and its ship line subsidiary and reported a net income of $1,269,000 for the quarter ended March 31. James R. Barker was elected chairman, president and chief ex- ecutive officer of the firm and its subsidiary, Moore-McCormack Lines, Inc. Mr. Barker succeeds William T. Moore, who will be- come chairman of the parent com- pany's executive committee. In addition, Lawrence F. Fiske, for- merly president, was elected vice chairman of the board. The action by the board of di- rectors preceded the annual stock- holders meeting, which reported a substantial improvement in the ship line operations in South Amer- ica and in South Africa. Last year the company sustained losses of some $17 million. In re- porting its financial statement, in- come included a $61,000 loss from operations in the first quarter, but a gain of $1,330,000 from the sale of vessels. The subsidized Moore-McCor- mack Lines, Inc. now operates 14 cargo ships from East Coast ports to Eastern South America and South and East Africa. In reporting the net income gain, the company said that it compared with a net loss of $128,000 in the same quarter last year. Kinsman Marine Buys Two Bulk Carriers From Republic Steel The Kinsman Marine Transit Company, a subsidiary of The American Ship Building Company, has announced the purchase of two Great Lakes bulk carriers from Republic Steel Corporation. The two vessels, the Harry L. Allen and the Peter Robertson, are expected to go into service under the Kinsman flag early in the cur- rent season. Both ships will con- tinue to sail under their present names according to George M. Steinbrenner III, chairman and chief executive officer of American Ship. The Harry L. Allen is listed at 6,945 gross registered tons, with a carrying capacity of 11,900 tons. She has an overall length of 545 feet and a beam of 58 feet. The Peter Robertson is rated at 6,798 gross registered tons, is 569-feet long, has a beam of 56 feet, and carries 11,400 tons. calculating- construction subsidy had to be devised. Initially, the Maritime Administra- tion would use seven ship types ranging from tankers up to 100,000- dwt to the reconstruction of break- bulk cargo ships into containerships. For each type, foreign costs would be calculated along with estimates of the fair and reasonable estimate of U.S. costs. MarAd explained that the rate ap- plicable, within the declining ceiling That's the day President Nixon signed the Merchant Marine Act of 1970. The Act doesn't guarantee the resur- gence of American Flag shipping. But it does provide the basic plan. And the incentive. So now it's up to us. All of us. Commercial shipowners and operators. Labor. And shipbuilders. As America's largest private ship- yard, we feel we have a particularly heavy responsibility. And a challenging oppor- tunity. That's why we're so deeply com- going down from 45 percent to 35 percent over the next five years, for each type will be figured by dividing the difference between the estimates of domestic and foreign construction costs ... by the estimate of domestic construction costs. The rate devel- oped for each type "shall then be applied to the domestic construction price established" for each ship by competitive bidding or negotiation, MarAd said. mitted to a vigorous, new Merchant Marine shipbuilding program. Our commitment began in 1969, with our successful bid on a MarAd CMX study contract to develop foreign trade forecasts and standard ship designs for the next decade. It has continued with the establish- ment of a Market Development Divi- sion geared to capture a major share of the commercial shipbuilding market. And it will continue with active and competitive bidding on merchant ship construction. That's why we can say Newport News Shipbuilding is ready when you are. Ready with the talent, experience and facilities it takes to help revitalize and keep the U.S. Merchant Marine alive. If you'd like to see how we can put this commitment to work, please write to Mr. Joseph D. Deal, Jr., Director of Market Development. Or call collect. (703) 247-1211. NEWPORT NEWS SHIPBUILDING S- NEWPORT NEWS. VIRGINIA 23607 On October 21,1970 Merchant Marine v a stay of execution. May 15, 1971 15
