General Electric Credit Buys Its Eleventh Tanker
General Electric Credit Corporation (GECC) announced it has acquired for $89,980,000 the 165,- 000-dwt Thompson Pass, a new crude carrier to transport Alaska oil to the U.S.
The vessel will be time chartered to SPC Shipping, Inc., a Simplicity is the key to the Demco packaged sewage treatment plant.
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Built at Avondale Shipyards in New Orleans, La., the 906-footlong vessel can carry up to 1.2 million barrels of oil. It sailed August 25 for Cape Horn, and is expected to arrive at Valdez, Alaska, about October 25.
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The Thompson Pass was acquired August 23 under a leveraged leasing arrangement whereby GECC invests a portion of the purchase price in a trust which borrows the balance of the vessel's cost from long-term lenders.
A spokesman for the Stamford, Conn.-based financial arm of the General Electric Company said that although the international tanker market is currently depressed, the demand has been strong for vessels to be used to carry Alaskan crude. Tankers operating between US. ports must be American-flag vessels; this has eliminated the bulk of idle worldwide tanker tonnage from consideration.
The Thompson Pass is the third tanker GECC has purchased for long-term charter to Sohio. In the last year, GECC also acquired under leveraged lease arrangements two 165,000-dwt sisterships to the Thompson Pass—the Atigun Pass and the Keystone Canyon. Both were built at Avondale.
GECC acquired sole ownership of the Atigun Pass and is the joint owner of the Keystone Canyon with Bankers Trust Co.
The new vessel brings the Sohio charter fleet to more than 30 tankers. Sohio owns more than 50 percent of Alaska North Slope crude and one-third of the Trans- Alaska Pipeline System.
Other stories from October 1978 issue
- Shipyards Support Marinfec Asia 79 page: 4
- New Firm To Buy Five Vessels For Service Great Lakes To Europe page: 4
- C.Y. Tung Group Enlarges Fleet To 118 Vessels page: 6
- Bath Iron Works Names Allan G. Anderson page: 6
- MarAd Approves Title XI Guarantee For Eagle Dredge page: 7
- Two New Parcel Tankers Added To Stolt-Nielsen Fleet page: 7
- Gibbs & Cox, Inc. Opens Newport News, Va. Office —R. Delia Rocca Named page: 7
- Abex Corporation Names Paul J. Powers President Of Denison Division page: 7
- Built By Main Iron Works, The 6,000-HP McAllister Tugboat Jabbar Will Work In Arabia page: 8
- El Paso Announces Proposed Offerings page: 8
- ITT Decca Marine Names Richard Muller page: 8
- Title XI Requested To Reconstruct Flat-Deck Oceangoing Barges page: 10
- Triangle Fleeting Corp. Names Jeffrey Kindl VP And General Manager page: 10
- Foster Wheeler To Supply Inert Gas Systems For LNG Tankers At Quincy page: 10
- C.F. Bean Corporation Names John Lescroart Executive Vice President page: 10
- National Marine Service Names Glennon Bequette Shipyard Division VP page: 11
- Royal Netherlands Orders Three New Freighters From Dutch Shipyards page: 11
- Gotaverken Plans To Build 37,000-DWT Icebreaking Bulker page: 12
- John J. Bajor Joins Midland Marine Corp page: 12
- Diamond Shamrock To Charter Chemical Tanker Building At Avondale page: 12
- Crowley Maritime Corp. Appoints Jay Brickman page: 15
- General Electric Credit Buys Its Eleventh Tanker page: 16
- Rear Adm. Westfall Addresses ASNE Charleston Section page: 16
- Continental Oil Announces Six Executive Promotions page: 16
- Hillman Barge & Construction Elects R.E. Kenny And B.T. Kelley page: 16
- Chairperson, Member Appointed To Kings Point Advisory Board page: 18
- Los Angeles-Long Beach Propeller Club Names Officers For 1978-79 Term page: 18
- U.S.-Flag Fleet To Double In The Last Quarter This Century page: 20
- U.S. Navy Awards Ingalls $287 Million Contract To Design And Build First Of A New Class Destroyer page: 20
- Exxon International Awards Maintenance Contract To Stanwick page: 21
- Crowley Maritime Names Jim Grissom Manager San Juan Operations page: 21
- ITC Completes 6,237-Mile Dry Tow To Argentina With Six Oil Barges And Two River Towboats page: 22
- NICOR, Inc. To Acquire National Marine Service page: 22
- Port Weller Dry Docks Plans Shipyard On Lake Erie To Build And Repair Large Ships page: 22
- Mobilization Ship Design To Be Unveiled November 6 At Conference In Arlington page: 22
- 27 New Members Elected To American Bureau Of Shipping page: 24
- George Lowman Elected Farrell Lines Chairman page: 26
- Furuno U.S.A. Formed In South San Francisco page: 26
- Gastech 78 To Focus On World Supply And Demand For LNG And LPG page: 27
- Butterworth Systems Receives IMCO Approval page: 30
- Atlantic Diving Forms SeaTec International, Ltd. page: 30
- Ruddie E. Irizarry Named President Of PRMMI— Carr, Calderon Also Named page: 30
- Evergreen Handt Corp. Names Three Executives page: 31
- AIMU Reports On Hull Insurance Market At Annual Conference page: 32
- Crowley To Provide Maintenance Services Worldwide For Navy page: 32
- Rutland Maritime Names Peter Gallagher page: 32
- Alario And Associates Named To Represent Shipyard In Greece page: 33
- Hofstra And Webb Jointly Announce New Relationship page: 34
- Reynolds Announces $580-Million Upgrading For Sea-Land Service page: 34
- Tampa Ship Repair & Dry Dock Dedicates New $23-Million 900-Foot Graving Dock page: 35
- Singapore Marine Conference Set For February 1979 page: 40
- St. Louis Ship Delivers Second Of Four Supply Vessels To Gulf Mississippi Marine Corp. page: 40
- Hitachi Zosen Asaka Works (Sakai) Delivers Ro/Ro Carrier Dana Maxima page: 40
- Sperry Division Names Blumberg Marketing Communications Manager page: 42
- J.J. Scott Of Sea-Land Named Director Of Mideast Por page: 42
- Floyd Mechling Retires From Union Mechling page: 42
- Jacques B. Hadler To Direct Research Activities At Webb page: 43
- Admiral Benkert Elected President Of AIMS page: 44
- AWO Elects James Potter —Industry Issues Examined At Board Meeting In Tulsa page: 44
- Tidewater To Acquire Insurance Firm In Texas page: 46
- Steam Turbine Operating Guide Now Available page: 46
- Shipping Executives To Review Maritime Policy At Oakland Conference page: 46
- Kubota To Stockpile Anti-Corrosive Pipe In Texas Facility page: 48
- Kawaski Delivers Cargo Ship Equipped With Derrick Capable Of Lifting 600 Tons page: 50
- Investment In Tankers: The Case For Optimism page: 50
- International Firms Plan Large-Scale Operations In The Beaufort Sea page: 52
- USCG Removes All Personnel Restrictions Based On Sex page: 53
- Hawaii Site Selected For Testing Nodules Gathered From Ocean Floor page: 53
- Hawaii Site Selected For Testing Nodules Gathered From Ocean Floor page: 53
- New Starlite Is Second 122-Foot Combination Boat From MARCO Yard page: 53
- New Abex/Denison Bulletin Describes Pressure Valves page: 54
- Booklet Published On Bulk Liquids And Solids In Standard Freight Containers page: 54
- President Signs Murphy Energy Bill page: 54
- General Electric Credit Names Joseph Heimerl page: 54
- FMC Launches Another World's Largest Barge page: 55
- Passenger Liner's Fast Repair At Northwest Marine Iron Works page: 55
- MacGregor's Novel Solution To Quay Height Variation page: 56
- Oceanology International For Offshore Industry Set For March 3-7, 1980 page: 56
- Hawaii Firm Announces Plans To Construct A Stable Semi-Submerged Fishing Vessel (SSFV) page: 57
- SNAME New York Section Reports Meeting Program For 1978-1979 Season page: 57
- Newfoundland Makes Bid For $.75-Billion Investment In Fishery page: 57
- Modules Towed To Site For Construction Of Offshore Plants page: 58
- New York Metropolitan Section Begins New Season With Past Chairman's Night And Third Generation Ro/Ro Paper page: 58
- Shipbuilding Experts Meet To Discuss Ways To Increase Automation And Productivity page: 58
- Halter Delivers Second Supply Boat To Gonsoulin Enterprises page: 59
- Ship Structure Committee Publishes Two New Reports page: 59
- Texas Gas Transmission Inland Waterways Division Announces Personnel Changes page: 60
- A.L. Burbank & Company, Ltd. Announces Election Of Officers —Celebrates 50th Anniversary page: 61
- Maritime Data Network Announces Computerized Charter Fixtures Library page: 62
- Sperry Computerized Positioning System Permits Pipelaying In 2,000-Ft. Waters page: 62
- American Bureau Of Shipping Classes 53 Vessels In August page: 62
- Hatch & Kirk Inc. Acquires Cleveland Diesel Engine Assets page: 64