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Moore McCormack Pays Dividend James R. Barker, chairman and chief executive officer of Moore McCormack Resources, Inc. (listed NYSE, Pacific), Stamford, Conn., has announced that the board of di- rectors had declared a regular quar- terly cash dividend of 10 cents per common share, payable May 6 to shareholders of record April 22. Mr. Barker, noting that the move marked the first dividend payment in six years, said the board deci- sion "reflects both the strong im- provement in the financial condi- tion of Moore McCormack and the need to retain capital for the com- pany's $200-million long-term ex- pansion program now under way. "That program," Mr. Barker said, "is expected to increase sig- nificantly our earning power be- ginning in 1976." He added that "Moore McCormack's dividend pol- icy will be subject to review. Fu- ture changes in dividend policy," Mr. Barker declared, "will be promptly and fully explained." Heath/Liquid Appoints Seventeen New Distributors Victor California has been ap- pointed distributors of Heath/ Liquid flame cutting equipment. Victor California is a division of Victor Equipment Company, Den- ton, Texas. Heath Engineering Company is headquartered in Ft. Collins, Colo. The company has made a variety of flame cutting equipment used by steel fabricators, and in nu- merous steel and aluminum cutting operations in industrial plants, since 1944. Liquid Carbonic Corporation, headquartered in Chicago, 111., has the exclusive distribution rights for the Heath equipment. The new distributors are located in 17 California cities: San Fran- cisco, Berkeley, Santa Clara, Sali- nas, Santa Rosa, Woodland, Sacra- mento, Yuba City, Stockton, Fres- no, El M'onte, Los Angeles, San- Diego, Ventura, Pacoima, Ontario, and Gardena. Stolt-Nielsen Chartering Expands In New Areas, Changes Firm Name Stolt-Nielsen Chartering, Inc. of Greenwich, Conn., has changed its name to Stolt-iNielsen Inc., it was announced by Carroll N. Bjornson, president. The change was prompt- ed by the expanded activity of the firm into new areas, including ship management, offshore oil activity, tank terminals, and other marine- related activity not covered by the term "chartering." Stolt->Nielsen Inc. continues to operate the 44 Stolt tankers engaged in the worldwide ocean transporta- tion of chemicals, animal and vege- table oils, and other specialty liquid products in bulk. The firm recently took over an additional 12,000 square feet of space in One Green- wich Plaza to accommodate its ex- panding organization. May 1, 1974 ABS Active In Classing All Types The American Bureau of Ship- ping continues to be active in class- ing container carriers and barge- carrying vessels. Recently classed by ABS were the Sea-Land Re- source, the Delta Sud, the President Pierce, and the President Johnson. The Sea-Land Resource, owned by Reynolds Leasing Corporation and built by De Rotterdamsche Droogdok Mig. N.V., is a contain- er carrier with a design speed of 33 knots, able to carry 896 thirty- five-foot containers and 200 seventy- foot containers. The Delta Sud, a barge and container carrier owned by Delta Steamship Lines, Inc. and built by Avondale Shipyards, Inc., is able to operate with both 74 sixty-one-foot cargo barges and 288 twenty-foot containers. The Presi- dent Pierce and President Johnson are general cargo and container carriers which are sister ships owned by the Ignited California Bank and built by Ingalls Ship- building Division of Litton Sys- tems, Inc. Each of these two ves- sels is designed to operate with 736 twenty-foot containers, 58 twenty- foot containers and 196 forty-foot containers or other combinations thereof. All of these vessels are of United States registry. In connection with the LA'SH program, ABS has recently classed 44 barges owned by the Waterman Steamship Corporation, which were built by the Equitable Equipment Company, Inc. The bureau also continues to be active in the classification of off- shore mobile drilling units, having recently classed three of these units —the Diamond M. Century, the Penrod 70, and the Key West. The Diamond M. Century, a column- stabilized unit owned by Banker's Trust Company and built by Ala- bama Drydock and Shipbuilding Company, is of United States reg- istry. Penrod 70, owned by Penrod Drilling Company and built by Hi- jos De J. Barreras, S.A., is a column-stabilized unit of Panaman- ian registry. The Key West, a self- elevating unit owned by the Key International Drilling Company, Ltd. and built Iby Marathon Le- Tourneau Company, is of Liberian registry. Construction activity in very large crude carriers maintains a strong pace, and the American Bu- reau of Shipping has recently classed five such vessels—the Amo- co Singapore of 228,401 dwt, the Splendid Diamond of 220,895 dwt, the Chevron Feluy of 264,191 dwt, the Esso Osaka of 278,683 dwt, and the Conoco Canada at 272,426 dwt. All of these tankers are of Liberian registry. OMS Ltd. Applies For Financial Aid To Build Nine Vessels The Maritime Administration has received a Title XI application from OMS Ltd. Partnership No. I, 3701 Kirby, Houston, Texas, for aid in financing the construction of nine ocean / tug / supply vessels. Two of the vessels, estimated to cost $1.8 million each, would be 175 feet long, and the other six, estimated to cost $3.2 million each, would measure 210 feet in length. Eight of the vessels would be built by American Marine Corp.; nego- tiations are still under way for the ninth. Worldwide Weather Insurance 16 mile long range plus crystal clear 25 yards Exclusive automatic fingertip control True 2 unit radar— low cost installation The not quite so obvious reason boatmen choose Benmar MR-12 Radar is their respect for the reli- ability of our complete line of marine electronic equipment and its 30 year reputation for— per- formance when you need it! World- wide, you'll find more than 500 Benmar Dealers offering sales and service. Contact your nearest Benmar Dealer, with our weather insurance you'll be safer and richer! Benmar £ DIVISION / COMPUTER EQUIPMENT CORPORATION 3000 W. Warner. Santa Ana. CA 92704 • 714/540-5120 A Bold New 35,000 Ton Idea Takes Shape 1 rlLn r\ i 1 rl UOL The Catug represents a new concept in marine transportation developed by the Seabulk Corporation in conjunction with their naval architects, J. B. Hargrove, Naval Architects, Inc. A 14,000 H.P. catamaran tug, rigidly connected to a superbarge and detachable in minutes. Performance expected to be equivalent to a ship of comparable dimensions and power, with lower capital investment and operational costs. Combined dimensions of 629' x 95' x 46' with expected loaded service speed of 15 knots, the Catug features widely-spaced propellers and a bow thruster for greater maneuverability. InteQded for oil transportation, this first edition of the Catug will be launched late this year. A totally new idea with demanding engineering and construction requirements . . . evidence of industry confidence in Kelso Shipbuilding capabilities. Catug construction seen from bow portion liGlsu Shipbuilding A DIVISION OF KELSO MARINE, INC SUBSIDIARY OF C. BREWER & CO., LTD P 0 BOX 268 • GALVESTON TEXAS 77550 • PH AC 713 744 5341 53 There are several obvious rea- sons why so many owners of fishing and work boats choose this radar over all others. It includes some features unavail able on any other set. Some of these reasons are: Electronic bearing indicator only found on radars costing $2000 to $7000 more Advanced state micro-logic system 40% larger usable area cathode ray tube: clear definition even in daylight Day or night, foul or foggy weather, you'll find Benmar MR-12 Radar providing weather insurance aboard commercial fishing and work boats around the world. Your profits depend upon all weather use of your vessels. MR-12 Radar's proven capabili- ties and reliability help you make the most efficient use of your time, fuel and investment.
