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Marine Business Teekay Shipping: Staying One Step Ahead Events of the past two years — head- lined by the Asian financial crisis, sup- ported by falling oil demand and punc- tuated by OPEC's production cutbacks to buoy per barrel pricing — have con- spired to throw and keep the tanker mar- ket into a historical abyss. In an indus- try renowned for its ups and downs, this was a "down" for the record books. Consequences of poor rates for the transport of oil products have and will be debated for years, but relying on the cliche, "if it doesn't kill you, it will only make you stronger," it would appear that the companies left standing - those not acquired, merged or simply shut down - should be poised to capitalize on favor- able market conditions to come. None, perhaps, is so uniquely suited to prosper as Teekay Shipping. Building the fortress A quick glance at Teekay's recently released annual report does not immedi- ately give the reader the impression of a company moving forward. Net income, for example, plummeted from $70.5 million in 1998 to $45.4 million in 1999, and the company's operating cash flow per ship day declined from $12,682 to $11,171 in that same period. But alas, numbers alone cannot depict the full scope of Teekay's strengths, as the com- pany has initiated and completed an impressive array of projects — both inside the company and out — which are designed to ensure the profitability of the company, in good markets and bad, for decades to come. Teekay was created in 1973, and cur- rently owns and operates the world's largest fleet of medium-sized (Aframax) oil tankers. Employing more than 2,700 people worldwide, Teekay is well regarded within the industry as a "quali- ty" owner, with a reputation for safety and excellence in transporting crude oil and petroleum products. The previous year — barring all other good developments — was significant for the company in terms of building a long-term powerhouse with its acquisi- tion of Bona Shipholding, a move that significantly expanded the company's operation in the Atlantic Basin. The transaction — which the company believes was carried out in the low part of the cycle — created a company that is three times larger than its nearest competitor, and gave Teekay 11 percent of the global Aframax market fleet. While the Bona acquisi- tion was a significant move that otherwise would have taken many years through natural growth, it was not the only development dur- ing the past year, which was Axel Karl- shoej, Teekay's retired director and chairman. Bjorn Moller, Teekay's direc- tor, president. Call for Papers PROPELLERS/SHAFTING 2000 TECHNOLOGY FOR THE 21st CENTURY The ninth propeller symposium is being planned by Panel M-16 (Modernization of Propulsion Shaft Systems) of the Society's Technical and Research Program. This symposium will include the overall propulsion train, including propeller, bearing and shafting system. The symposium is planned for September 20 - 21, 2000 at the Cavalier Hotel, Virginia Beach, Virginia, under the auspices of the Hampton Roads Section of the Society. The original deadline for abstract submission was August 21st, 1999. However, to broaden content and interest for the millennium, this deadline has been extended to October 15. Papers on the following subjects are par- ticularly desired, but other topics related to propulsion shafting, propellers and supportive components and techniques are welcome. • Propeller and Shaft Systems, Analytic Design Procedures, Experimental Data, and Correlation of Design and Experience Related to: Shafting Systems Indoor / Outboard Sections Conventional / Composite Materials Shaft Alignment Hydraulic, Mechanical and Flexible Couplings Lateral & Torsional Vibrations Propellers Fixed / Controllable Pitch Contra-rotating, Highly Skewed Overlapping, Cycloidal Ducted, Podded Units Composite and/or Metal Matix Water Jets Bearings New Materials / Design • Manufacturing, Tolerances, Maintenance and Repair • Metallurgical Properties • Composite Materials • Failure Criteria and Economic Costs • New Technology for Reducing Costs Those interested in submitting an abstract should submit both a tentative title and a brief abstract along with telephone and fax numbers and an email address (if possible) to: Mr. Jerry Havel Two World Trade Center 106 Floor New York, NY 10048 212-839-5095 212-839-5214 (fax) jhavel@eagle.org Authors will be notified of acceptance by November 30th, 1999 and a draft of the complete paper will be require d by January 31, 2000. September, 1999 Circle 320 on Reader Service Card Mi^fs 2X4 THE AFFORDABLE DEEP WATER ROV The MAX ROVER is a field-proven system built to last. A PROFIT MAKER that conquers new depths. Available with a wide array of standard options and accessories, the MAX ROVER can also be customized to your special needs. Designed to be economically transported and operated worldwide. Customized Control Vans & Handling Systems 5-Function Manipulator, Wire Rope Cutter, Jet Pump DEEP SEA SYSTEMS INTERNATIONAL, INC. P.O. Box 622, Falmouth, MA USA 02541-0622 Tel. (508) 540-6732 Fax (508) 540-4209 E-mail dssiinc@aol.com www.deepseasystems.com DEEPSEA
