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News NNS Awarded Contract Northrop Grumman Newport News, Newport News, Va., is being awarded a $23.1-million firm-fixed-price contract for the interim dry-docking of the USS Minneapolis/St. Paul (SSN 708). This effort will include maintenance, repair and ship alteration. Work will be per- formed in Newport News, Va., and is expected to be completed by June 2003. Circle 21 on Reader Service Card Tsakos Expands Fleet Tsakos Energy Navigation Limited has received two new vessels from Imabari Shipyards in Japan. The Aframax Marathon immediately entered into an accretive repositioning voyage with a major South American oil con- cern. The Panamax Maya, the first in a series of four new fully coated pana- maxes, was received on January 24. and also immediately entered into an accre- tive repositioning voyage with a major Asian oil concern. Including these two vessels, TEN expects to add six new- buildings to its fleet in 2003. TEN has arranged financing for the remaining Aframax and one of the three additional Panamaxes scheduled for delivery 2003. Remaining financing needs include two Panamaxes scheduled for delivery in the second half of 2003 and one handy-size products carrier to be delivered in 2004. Graig Group Secures Orders For Bulk Carriers Graig Group has secured seven firm orders for its modern double-hull ultra handymax Diamond 53 bulk carrier. Graig has ordered two Diamond 53's from Shanghai's New Century yard. Athens-based Thenamaris has taken two Graig orders from the same yard, and Scandinavian interests have confirmed, through Graig, three orders at Shanghai's Chengxi yard. First deliver- ies will begin in January 2005. A total of nine options have been granted by the two shipyards. General Maritime To Acquire 19 Tankers General Maritime Corporation has agreed to acquire 19 tankers, including 14 Suezmax and 5 Aframax vessels from Metrostar Management Corporation, a Greek tanker operator. The acquisition of the vessels is expected to commence on March 1, and to be concluded by April 30. 2003 during which time the vessels will be integrated into General Maritime's fleet operations. On a com- bined basis, the company's new fleet will be composed of 47 tankers, 28 Aframax and 19 Suezmax tankers. The combined fleet will have a total of 5.6- million dwt. Three of the acquired tankers have time charter contracts attached to them at an average rate of $23,700 per day. ABS, MMS to Collaborate on Offshore, Gas Ops ABS has signed a Memorandum of Agreement (MOA) with the U.S. Department of the Interior's Minerals Management Service (MMS) that estab- lishes a formal framework for scientific and technical collaboration between the two organizations with respect to off- shore oil and gas operations. The agree- ment represents formal recognition by the MMS of the technical expertise of ABS in design review and survey of off- shore facilities to verify compliance with applicable regulatory requirements. Circle 6 on Reader Service Card Bethlehem Agrees in Principle to Sell Assets Subsequent to its bankruptcy filing, Bethlehem Steel Corporation has reached an agreement in principle with International Steel Group (ISG) for the sale of substantially all of Bethlehem's assets. The agreement is subject to the approval of Bethlehem's board, the com- pletion of an asset purchase agreement, the approval of the bankruptcy court having jurisdiction of Bethlehem's chap- ter 11 case and the satisfaction of certain conditions to closing, including required governmental approvals and other con- sents, and the resolution of certain claims by the Pension Benefit Guaranty Corporation. LR to Class New Fleet of Container Ships Lloyd's Register will class a series of five 8.100 teu container ships to be built at Samsung Heavy Industries. The ships, ordered by Seaspan and China Shipping Group, are the largest container vessels to be built in South Korea. Circle 5 on Reader Service Card 380n/miles from Boston - 600 L fX ? H A 11 around Safety L arge wharfage I SO 9002 F ull service docks X cellent workmanship Donald R. Kerr: Tel. 902-492-5820 E-mail: kerr.donald@halifaxshipyard.com www.irvinsshiDbuiIdine.com US Agent: Lou Gomlick: Tel. 732-290-0049
