GE Credit Buys Third 225,000-DWT Tanker From Seatrain Shipbuilding
The General Electric Credit Corporation announced it has purchased for $120,000,000 the 225,- 000-dwt tanker T.T. Stuyvesant, and that the vessel has been initially chartered to the Standard Oil Company of Ohio (SOHIO) to transport Alaskan oil.
The VLCC (very large crude carrier) was built by Seatrain Shipbuilding, a subsidiary of Seatrain Lines, at the former Brooklyn Navy Yard, and is a sistership to the Brooklyn and Williamsburgh, which also are owned by GE Credit.
The Stuyvesant, like its sister vessels, is capable of delivering 1,600,000 barrels of oil.
GE Credit has arranged a 20- year leveraged lease of the vessel to the newly formed shipping corporation, Queensway Tankers, Inc., which in turn has arranged a three-year time charter to SOHIO to transport North Slope oil from Valdez, Alaska, to Panama.
Because the Stuyvesant is too large to negotiate the Panama Canal, it will offload its cargo at Balboa for delivery in smaller tankers to Gulf Coast refineries.
In acquiring the Stuyvesant, GE Credit made an equity investment of $33,000,000. The senior debt consists of a $29,000,000 U.S.
Government Title XI loan, made during construction of the vessel, an additional $31,000,000 Title XI loan arranged by Kuhn, Loeb, Inc. and Shearson Hayden Stone, Inc., and a $27,000,000 third mortgage note.
A spokesman for GE Credit said the purchase-lease-charter deal was unusual in that it was put together in just two months.
GE Credit, headquartered in Stamford, Conn., is a wholly owned subsidiary of General Electric Company and the world leader in leveraged leasing of industrial and transportation equipment, with more than $3 billion in such equipment on its books.
GE Credit acquired its first VLCC, the Brooklyn, in December 1973. At that time, it was the largest commercial vessel built in the United States. The Williamsburgh was purchased one year later.
The Brooklyn and the Williamsburgh are under 25-year time charters to American Petrofina, Inc., a subsidiary of Petrofina S.A. of Belgium.
In addition to the three Seatrain- built tankers, GE Credit also owns four other tankers and currently is arranging the leveraged lease financing of eight additional vessels.
When the 15 tankers in the GE Credit "fleet" are all in service at the end of 1978, they will have added 2,593,000-dwt to U.S.-flag tanker tonnage.
Other stories from November 1977 issue
- New York Harbor Containership Terminals Described In Brochure page: 4
- ARINC Awarded $117,000 MarAd Study Contract page: 4
- NASSCO Awarded $174 Million To Build Destroyer Tender page: 7
- Great Lakes Studies Awards Total $400,000 page: 7
- Second $81-Million Gulf Oil Supertanker Christened At Bethlehem Sparrows Point page: 7
- Bell Aerospace And Halter Marine To Develop New Class Of Commercial Surface Effect Ships page: 8
- Interesting Paper And Past Chairman's Night Opens Season For SNAME New York Section page: 8
- Veliotis To Manage Electric Boat Div. page: 8
- Sun Shipbuilding Consolidates All Marketing Activities —Orth, Winstead And Hunt Named Department Heads page: 10
- Samson Ocean Systems Names John Williamson Regional Manager page: 10
- SNAME 85th Annual Meeting page: 11
- Hartzman To Retire- Bossier Slated For Avondale Presidency page: 11
- American Export Lines $43.1-Million Title XI Approved By MarAd page: 13
- Douglas Oehrlein Joins Dravo SteelShip Corp. page: 13
- McAllister Brothers Names Donald Hankin VP-Engineering page: 14
- Improving Shipbuilding Productivity page: 14
- Ocean Orders Five More Ships page: 14
- British Rail Awards Ferry Contract To Harland And Wolff page: 17
- M a r i n e Boiler Reliability page: 17
- Future Opportunities And Problems Of The Barge Industry page: 18
- Navy Awards Boeing $178 Million To Build Missile Firing Boats page: 19
- Plan To Convert Three Vessels At Estimated Cost Of $12.8 Million page: 20
- Kleschick Elected To Sun Ship Board Of Directors page: 20
- ASRY Drydock Now Open To Service 500,000-DWT Vessels page: 22
- NASSCO Elects Giorgis Group Vice President page: 22
- Norshipco Adopts New Corporate Logo page: 22
- Cayman Energy Ltd. Reports On Activities page: 22
- Samson Sells Marine Survey Division To Local Management page: 22
- Ed Toale Joins Bailey Sales Staff page: 23
- Marine Firms Attend Hoffert Marine Seminar page: 23
- Small Security Vessel Symposium Set For London March 6-10 page: 24
- Bethlehem Steel San Francisco Shipyard Names William Hamilton page: 24
- $3-Million Surface Effect Ship Award To Philadelphia Gear page: 24
- Jonathan Feffer Named President SSI Navigation page: 24
- Navy Adds $4.2 Million To Tracor Contract page: 26
- C.F. Bean Corp. Names Charles R. Barron VP page: 26
- Argo International And Sealol Join Forces page: 27
- Space-Age Insulation Approved By Lloyd's page: 27
- Sperry's First Triple Flow Steering Systems Installed At NASSCO page: 28
- Raytheon Promotes A. Newell Garden page: 28
- National Steel And Shipbuilding Delivers Second Of Four 90,000-Ton Tankers To OSG page: 28
- W.A. Whitney Corp. Introduces New 28XX Tooling Catalog page: 29
- Swan Hunter To Build Vessel To Transport Spent Nuclear Fuels page: 29
- Twenty-Four Women Report For Sea Duty To U.S. Coast Guard page: 32
- GE Credit Buys Third 225,000-DWT Tanker From Seatrain Shipbuilding page: 33
- New York Port Engineers Hears Paper On Surface Preparation Of Steel page: 34
- SCR Propulsion System For Offshore Tug/Supply Vessels page: 34
- Floating Oil Storage Better Prospects For The Unemployed? page: 34
- Alaska Maritime Names William Lorch Valdez Port Manager page: 36
- No. New England Section Of ASNE Reports On Two Technical Sessions page: 36
- An Assessment Of The Market For Tankers Of 300,000-DWT And Over page: 37
- Moran-Thibodeaux Names Captain North Vice President-Sales page: 38
- Diamond Manufacturing Building Ro/Ro Dock For Port Of Tampa page: 38
- Newport News Shipyard Installs Powerful Hoists page: 39
- Kawasaki Endows M.l.T. Research Fund With Gift Of $200,000 page: 39
- Kawasaki Kobe Works Delivers World's First BORO Liner page: 40
- Todd Shipyards Corp. Holds Company Safety Conference In Chicago page: 40
- Study 56—'Sea Trade And Transportation Of Coal' page: 41
- Spanish Society And ABS Enter Agreement page: 42
- J.M. Ringelberg Joins Seaward International page: 42
- U Of California Gives Course On Deepsea Oil Structures Jan. '78 page: 43
- Slatic Named President Ameron Protective Coatings Division page: 43
- Two Management Appointments Announced At Skagit Corporation page: 44
- IMO Pump Bulletin Describes Twin Screw Pumps page: 44
- Drew Chemical Corp. Promotes Walter Smith page: 46
- Kaiser Building Fifteen Mammoth All-Welded Aluminum LNG Tanks For Ships At Avondale page: 46
- New England Company Receives U.S. Funds To Investigate Giant Sphere As Offshore Oil Terminal page: 46
- SNAME And SSC Plan Ship Vibration Symposium For Washington, D.C. October 1978 page: 47
- Electro-Nav To Market New 400-Watt SSB Transmitter/Receiver page: 48
- CIBRO Petroleum Building Super Barge At Todd Shipyards' Houston, Texas Division page: 48
- Stanley Stiansen Elected By ABS page: 49
- OMNITHRUSTER Names J. Michael Melvin VP page: 49
- Santa Fe Reenters Onshore Drilling !n The United States page: 49
- New Henschel Engine Order Telegraph Catalogs Available page: 50
- ASNE Flagship Section Holds First 1977-78 Meeting page: 50
- Wigham Poland Inc. Expands Marine Insurance Division page: 50
- Dredge Technology Corp. Formed In New York page: 53
- Port Of Hueneme Retains John J. McMullen Associates To Prepare Master Plan page: 54
- IMODCO Establishes Houston, Texas Office —M.D. Jackson Named page: 56
- Los Angeles Section's Opening Meeting page: 62
- ALCO Brochure Reports Engine Performance On Residual Fuel page: 64
- American Arabian Partnership Names John S. Hollett page: 64
- Nicholas Liberatore To Head International Activities For Genstar page: 66
- ABS Classes 127 New Vessels In September page: 67
- Belle River Sets Tonnage Record On Great Lakes page: 68
- Congressman Mario Biaggi Will Address First N.Y.C. Diving-Insurance Symposium page: 71
- Miles O'Harra Enters The Consulting Field page: 72
- Clean Venture, Inc. Formed By Spill Contractors To Cover Entire New York Harbor Area page: 73