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Kockums Doubles Profits Second Consecutive Year For the second year in a row, Kockums, Malmo, Sweden, has doubled its profits over the pre- ceding year, according to the 1973 annual report issued in Sweden. New earnings in 1973 amounted to $33,500,000, as against $13,- 000,000 in 1972. The largest increase in earn- ings came from Kockums ship- yard, which turns out super- tankers without benefit of Gov- ernment subsidies. Kockums ship- yard is the largest in Europe and fifth largest in the world. In 1973, Kockums industrial di- vision—which presently includes three subsidiaries and four plants in the United States and Canada —broke out of the red. In 1972, the industrial division — trucks, dumpers, excavators and forest industry machinery — lost $11,- 900,000. In 1973, the group came up with a profit of $5,750,000. Dividends will be increased by 33 cents per share to $1.60, Kockums announced. In his report, managing direc- tor Nils-Hugo Hallenborg pre- dicted that the favorable earnings for the company would continue over the next few years. Kockums of Sweden operates three subsidiaries in the United States and Canada: Soderham Machine Manufacturing Company, headquartered in Talladega, Ala., with a plant in Portland, Ore.; Letson and Burpee Ltd. of Van- couver, British Columbia, Canada (acquired February 1974), and Adco West of Emmett, Idaho (acquired August 1973). The three Kockums subsidi- aries manufacture machines and systems for forest industries. 100th Freedom Vessel Ordered From IHI IHI (Ishikawajima-Harima Heavy Industries Co., Ltd.), Ja- pan, recently concluded a contract with A.I. Alafouzos of Greece to build a 14,800-dwt Freedom-type multipurpose bulk cargo vessel. This is the 100th Freedom vessel so far ordered from IHI by ship- owners throughout the world. The contract includes a price-sliding clause. The Freedom vessel is one of IHI's two standarized multipur- pose cargo vessels, the other be- ing the Fortune type of 22,000 dwt. It is designed to carry vari- ous kinds of bulk cargoes, includ- ing foodstuffs such as wheat and beans, ores, coal, steel materials, coils, lumber, containers, auto- mobiles, etc., and to have a light draft so that it can enter and leave shallow ports. A mass-pro- duction system was established for it, and it is successively con- structed according to standardized specifications. The first Freedom vessel was ordered in May 1966. Eighty-nine of the 100 Freedoms were ordered from IHI and the remaining 11 from Jurong Ship- builders Private Limited (JSBL) of Singapore. This new order brings the total number of ships ordered by Mr. Alafouzos from IHI to 18—eleven Freedoms, two Fortunes, two 30,000-dwt and one 61,500-dwt cargo vessels, and two 138,000- dwt ore/oil carriers. The contract concluded this time adopts the Estimated Final Price formula where 60 percent of the ship price estimated for the delivery time will be subject to a sliding scale closely linked with wage and wholesale price indexes. The estimated final price of the Freedom vessel is approxi- mately 2,700 million yen, of which 40 percent will be paid down with the remaining 60 percent payable over six years at intervals of six months. The ship will be built by the Tokyo Shipyard and completion is scheduled for June 1978. Principal particulars and ap- proximate measurements of the vessel are as follows: length, 440 feet; breadth, 65 feet; depth, 41 feet, and draft, 30 feet. Her main engine will be an IHI-S.E.M.T. Pielstick 12PC2V-type diesel with a maximum continuous rating of 5,130 bhp delivering a service speed of 13.6 knots. EMPRESA NACIONAL CONSTRUCTION OF ALL TYPES OF NAVAL AND MERCHANT VESSELS GENERAL SHIP REPAIR WORKS • STEAM TURBINES AND DIESEL MOTORS FOR PROPULSION AND LAND UNITS. • MARINE AND LAND BOILERS. • NAVAL ORDENANCES AND AMMUNITIONS. • AUXILIARY MACHINERY, MOBIL CRANES, GRADERS. SHIPYARDS AT: EL FERROL DEL CAUDILLO CARTAGENA SAN FERNANDO (CADIZ) LAS PALMAS (GRAN CANARIA) ORDENANCE FACTORIES AT: SAN FERNANDO (CADIZ) CARTAGENA DRY AND FLOATING DOCKS SLIP-WAYS FOR DRYDOCKING PAN CONTINENTAL OVERSEAS CO. 50 Broadway, NEW YORK, N. Y. 10004 Tx. RCA 222197 - ITT 422634 HEAD OFFICE: 65 CASTELLANA, MADRID-1-SPAII\I-PHONE 234 44 10-TELEX: 27480-CABLE ADDRESS: BAZAN September 15, 1974 49
