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MARINE FINANCE Cosco Sells Vessel For $19 Million A Cosco Investment (Singapore) Ltd. subsidiary has agreed to sell a vessel for $19.3 million to Panamanian company Ruichanghai Maritime Inc. Cosco plans to deliver the bulk carrier by mid-November. HHI Wins $250M Shipbuilding Order Hyundai Heavy Industries Co. (HHI) won a $250 million order from Reading & Bates Corp. to build a semi-submersible drilling rig on a turnkey basis. For more information Circle 74 on Reader Service Card Bollinger Awarded Contract To Build Barge Bollinger Marine Fabricators (BMF), a subsidiary of Bollinger Shipyards, Inc., has been awarded a contract to build a tank barge for Allied Towing Corporation. The double skin, Type II tank barge measures 257.6 x 54 x 12 ft. (78.5 x 16.5 x 3.6 m), and is scheduled for delivery in April 1998. For more information Circle 75 on Reader Service Card Pan-United Contracted For Double-Hulled Tanker Pan-United Corp. has won a con- tract to complete the building of a double-hulled product/chemical tanker. The contract comes from new client, United Tankers AB of Sweden. The incomplete 16,700-dwt ves- sel arrived at Pan-United's facili- ties in late October. The ship is expected to be deliv- ered to United Tankers in mid- April 1998 to trade in northern Europe. United Tankers Orders Tanker From Spain United Tankers has ordered an 18,800 dwt stainless steel tanker from Spanish shipyard Factorias Vulcano at Vigo. The new 18,800- dwt, double-hulled chemical tanker will have a tanker volume of 19, 500 cu. m. and is scheduled December, 1997 to be delivered by 2000. London & Overseas Sells Tankers For $51M London & Overseas Freighters reportedly sold its fleet of three Panamax tankers to clients of Pegasus Shipping for $51.5 mil- lion. London & Overseas said it expected to make a profit of $30 million on the sale. Tankers For Sale Turkey's petroleum retailer Petrol Ofisi announced plans to sell two of its unused oil tankers through tenders. The 3,200-dwt Boray and 1,000-dwt Piri Reis will be sold after their financial assess- ment have been completed by the company. Boray has been unused since April, 1996, and Piri Reis has been unused since June 1997. Split Version There's no substitute for Simplex quality, reliability, safety, and experience. And there's no comparing the service, attention, expertise, and value you get from STI along with the lowest possible prices on sterntube seals and seal spares! Toll Free : 1-888-357-3257 Great Lakes Region TEL : (716)695-0142 FAX : (716) 695-0144 West Coast Region TEL : (253) 853-6747 FAX : (253) 853-6748 Central Gulf Region TEL : (504) 449-0792 FAX : (504) 447-0052 SIMPLEXTURMAR INC. Circle 210 on Reader Service Card RANTON INDUSTRIES For more than twenty-five years Branton Industries has worked to build a distinguished reputation for quality products and exceptional customer service. Branton is proud to be recognized as an industry leader in our commitment to noise abatement and fire protection systems. DISTRIBUTOR / FABRICATOR OF: INSULATIONS JOINER SYSTEMS Hull Board Sound Abatement Structural Fireproofing Thermal Exhaust Joiner Panels FRP Doors Wall Liners Ceilings Polyimide - Mineral Wool - Fiberglass Complies with USCG and Navy Specs P. O. Box 10536 New Orleans, LA 70181 (504) 733-7770 FAX (504) 734-7818 THE Have One-Tenth of an Inch Level Accuracy for All Liquid Cargos! This technology requires no in-tank support. The structure has proven reliability on over 10,000 tanks worldwide and has complete milspec self- diagnostics. • Made of two materials: teflon and stainless steel. • Can include multiple temperatures. • Can include tank header pressures. • USCG and ABS approved for closed tank gauging. • FM approved Class I, Div. I, Group C & D. • Big Blue compatible. • Readout in BBLS/Tons/GAL, etc. • Sea-made for leak detection. • Multiple display options. • Complete load Management Software. • Embedded Pump Control capability. ELECTRONIC MARINE SYSTEMS, INC. 800 Ferndale Place Rahway, NJ 07065 Call today for mare information! 732.382.4344 732.388.5111 fax emsmarcon@aol.com e-mail Circle 297 on Reader Service Card Circle 214 on Reader Service Card 13