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News Construction of World's Largest Dredger SMIT has been awarded a contract from IHC of The Netherlands to provide heavy lift services next year, during the construction of the world's largest self- propelled cutter suction dredger. Com- mencing in January 2003, the contract will involve at least 10 visits to IHC's Rotterdam yard. Over an eight-month period, the floating sheerlegs Taklift 1 and Taklift 4 will install modules equip- ment during the construction of the 45,000 cum jumbo dredger. The new- build, for Belgian dredging group Jan de Nul, will be delivered in 2003. Tom Crowley Jr., Honored with AOTOS Award Norman Mineta, U.S. Secretary of Transportation, presented one of two United Seamen's Service 2002 Admiral of the Ocean Sea (AOTOS) Awards to Tom Crowley Jr., chairman, president and CEO of Crowley Maritime, on the TOTAL COMMUNICATIONS SOLUTIONS FOR THE CROISE LINE INDUSTRY MTN offers a wide array of products and services to our Cruise partners including ShipNet, MTN's private IP network; Cruiselink, our advanced billing system; Broadcasting Services, >f*L Television, Internet and Radio; and Enhanced Services such as Digital Seas Internet Cafes, ATMs, Calling Cards, Ship-to-Shore Calling and OceanNews! iteiL optimize mm vmm Your Communications ® jjsjkf!^^ Systems with MTN MARIIIMt TELECOMMUNICATIONS NETWORK The Communications Experts >11 Free: 877.464.4MTN (4686) • 954.538.4000 • Fax 954.431.4077 • mtn_info@mtnsat.com • www.mtnsat.com Circle 227 on Reader Service Card or visit www.maritimereporterinfo.com yl^lil^ / to RnowyA her t%tfer# Our lifeboats we meanf % \ t manufacturer ner and Survival Craft Call us now atp| (65) 887 5034 Wolong International Pte Ltd 151, Chin Swee Road. #03-14. Manhattan HoQse. Singapl Tel: (65) 887 5034 Fax: (65) 887 5043 Email: wdjonginthf pav Factory: Yuecheng Town, Jiangsu, China Wolong International m YOIJll TOUGHEST JOB. CHAIN PATTERN ANCHOR PATTERN MARQUIP marine towing shackles can handle it. SWL 32-185 TONS Q Maxium load capacities and safety B High-strength alloy steel construction 0 Easy installation Towing plates, too, plus many more products from one of the largest inven- tories of marine equipment in the USA. C CUSTOMER SERVICE 24 HOURS A DAY, 7 DAYS A WEEK ) 1-800-851-3429 WASHINGTON CHAIN AND SUPPLY, INC. P.O. Box 3645 • 2901 Utah Avenue South * Seattle. Washington 98124 FAX (206) 621-9634 • E-mail: intoOwadiain.com VISIT OUR WE6 SiTE FOR MORE INFORMATION: www.wachajn.com Circle 244 on Reader Service Card or visit www.maritimereporterinfo.com Circle 241 on Reader Service Card or visit www.maritimereporterinfo.com evening of November 8. An AOTOS award was also presented to Capt. Tim- othy A. Brown, president of the Interna- tional Organization of Masters, Mates & Pilots, ILA, AFL-CIO. The AOTOS award honors those within the shipping industry who have made significant con- tributions to American shipping and American Seafarers. VT Halter Marine Secures OSV Contract Vision Technologies Systems, Inc.'s (VTS) subsidiary, VT Halter Marine, Inc. won a contract to build an Offshore Supply Vessel (OSV) for an undisclosed interest. The contract includes options for six additional vessels. This contract announcement, which includes options for six additional vessels, comes within days of VTS concluding the purchase of Halter Marine's assets. This state-of-the- art OSV, scheduled for delivery in approximately 13 months, will be ABS- classed and U.S. flagged for internation- al service. Pricing and vessel specifica- tions were not disclosed. SCA: Tanker Rates Justify Higher Prices The vessel retirement schedule in the OPA '90 will force retirement over the next five years of at least 12 U.S.-flag product tankers totaling almost 500,000 dwt of capacity (approximately 25 per- cent of the total U.S.-flag product tanker fleet) and over 50 U.S.-flag tank barges greater than 5,000 gt totaling over 1,000,000 dwt of capacity (approxi- mately 45 percent of the total U.S.-flag ocean-going tank barge fleet greater than 5,000 gt). The economy has been struggling and recently there have been warm winters, but with heating oil stocks in New England 27 percent below average for the last four years and the economy expected to recover, demand for petroleum product move- ment will increase causing charter rates to rise along with demand. According to the Shipbuilders Council of America (SCA), with long-term charter rates for U.S.-flag double-hull tankers now at a level of $37,000/day, rates justify con- struction costs of approximately $85 million per vessel. The breakeven time charter rate for a $85 million handysize tanker utilizing 25 year Title XI financ- ing at 7 percent per annum and daily operating costs of $15,000 is approxi- mately $34,700/day, a rate well below today's market. 12 Maritime Reporter & Engineering News
