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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
