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Marine Industries Ltd. Awarded Contracts For Twelve Containerships In one of the largest shipbuilding orders in Canadian history, Marine Industries Ltd., of Sorel, Quebec, has won contracts to produce a dozen IS,600-ton containerships for two ma- jor French shipping contractors. Sale of the ships to La Compagnie Maritime des Chargeurs Reunis and La Societe Naval Chargeurs Delmas Vieljeux of France, will represent an export transaction totaling $106 mil- lion for Canada. The Export Devel- opment Corp., a Canadian Govern- ment agency, is financing the sale with a loan of $86 million, and the Bank of Montreal will lend an addi- tional $10 million, but without an EDC guarantee. Each of the two French companies will receive six of the multipurpose vessels. Although designed for con- tainers, they can be adapted to carry logs and such bulk cargoes as grain and ore and will also be equipped for refrigerated cargo. An EDC spokesman in Ottawa said the vessels will probably be used in trade be- tween Europe and Africa. Construction of the 12 ships will keep the Marine Industries' facilities at Sorel fully utilized until the end of 1975 and will provide employ- ment for 1,000 men for four years. The highly automated vessels are of Canadian design. Although it is a Crown Corpora- tion, EDC makes its loans on a com- mercial basis, the Ottawa spokesman said. While it and its predecessor agencies have been in existence since 1946, this year it has become active in the field of shipbuilding for the first time. The corporation can lend up to 80 percent of an export sale. Earlier this year, EDC provided a loan of $20.4 million to finance the sale of two roll-on/roll-off ships built by Port Weller Dry Docks, Ltd. of Port Weller, Ontario, to the Burnett Steamship Co. of Newcastle-on-Tyne, England. The vessels are to be used in the container trade between Can- ada and the United Kingdom. At the same time, the agency made a loan of $43.5 million in the sale of three 80,000-ton tanker orders by the N.J. Vardinoyannis group of companies of Piraeus, Greece, by Da- vie Shipbuilding, Ltd. of Lauzon, Quebec. Harry T. Martin Named Assistant Comptroller Of United States Lines Harry T. Martin has been named assistant comptroller of United States Lines, it was announced by E.K. Rumpel Jr., vice president and treasurer of the containership company. As assistant comptrol- ler, Mr. Martin will be the chief fi- nancial representative for the com- pany's Pacific Coast Division, with headquarters in Oakland, Calif. Mr. Martin was formerly chief accountant for three divisions of Kaiser Industries. He is a gradu- ate of Armstrong College and earned his master's degree at Trin- ity University. American Ship To Buy Litton's Erie Yard And Wilson Marine Fleet The American Ship Building Company has reached an agree- ment in principle with Litton In- dustries to purchase substantially all of Litton's Great Lakes divi- sions for approximately $20,000,- 000 in obligations, assumption of liabilities and cash. The agreement is subject to the resolution of cer- tain issues now being negotiated, the approval of the board of direc- tors of both companies, favorable review by the Department of Jus- tice and any other appropriate gov- ernmental authorities, and other conditions. The announcement was made jointly by George M. Steinbrenner III, chairman and chief executive officer of American Ship, and Roy L. Ash, president of Litton Indus- tries. The proposed agreement calls for the acquisition by American S'hip of Litton's Erie Marine Ship- yard and its Wilson Marine fleet of Great Lakes ships. "The acquisition is the most logical and efficient way for us to be able to perform the giant task of helping rebuild an aging Great Lakes fleet in accord with the poli- cies set forth by President Nixon When he signed the Merchant Ma- rine Act of 1970 into law," Mr. Steinbrenner said. Essomarine® serves your Lady the best. Essomarine products and technical service are unsurpassed. We back this claim with a worldwide organization pledged to serve each ship to the full extent needed. The result is that Esso satisfies your ship's requirements — with the best. This is as it should be. Your Lady deserves the best. FUELS AND LUBRICANTS October 1, 1971 23
