Word: freighters
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...tanker business seems always to swing from boom times of frantic demand and soaring charter rates to busts during which expensive tankers lie idle and unwanted. Reksten, a ramrod-straight six-footer and lone-wolf operator, started out as a shipping clerk; in 1929 he bought a freighter cheap, parlayed it into a modest fleet (thanks in part to two rich wives), then seized on slumps to buy up tonnage cut-rate. By 1973 he had amassed a flotilla worth, by some estimates, $600 million. Now, one of the worst depressions ever in the tanker business (TIME, March...
Triple Rates. Sadat's principal argument in the face of extremist accusations is that moderation pays off. The newly reopened Suez Canal, in addition, handled 54 ships in its first full week of operation, including one U.S. freighter, the 21,000-ton Spirit of Liberty. None contained cargo for Israel, as far as was known. The volume of traffic satisfied canal authorities, although they worry that triple insurance rates, in force as long as there is no formal peace, may discourage business and limit toll revenues, which Egypt hopes will reach $450 million annually...
...jettisoning that once common rule as unfair. Partly because cargo interests were worried about other aspects of the convention, the U.S. Senate never acted, and U.S. courts for the most part have reluctantly followed precedent. For example, when the Navy tanker Mission San Francisco was rammed by the Liberian freighter S.S. Elna II, a circuit court of appeals decided that the San Francisco's "faults were grave," but "with regret" divided the $3.8 million damages...
...original French Connection some stiff competition. Doyle and his French al lies track Charnier's minions to the ship yards, where they start a shooting match that ends with the threat of the cops getting drowned like water rats and Doyle getting crushed under the keel of a freighter. It is a flamboyant sequence, intended to top the car chase in the first Connection. Whether it does or not, no one will be disappointed...
Abie-Bodied Seaman Herbert McDonald, 57: "This was my second hijacking at sea. I was on a freighter off the coast of Pakistan when some guys came aboard and pointed guns at us. Then they let us go. At first I thought the Cambodians were going to take us out and shoot us. But they were so nice, really kind. They fed us first and everything. I hope everybody gets hijacked by them...