Word: tanker
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Dates: during 1970-1979
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...risk-sharing insurance syndicates prides itself on being the first to offer coverage on the new, the colossal, the bizarre. But as technology grows ever more complex, the risks keep rising, and each year the amounts that Lloyd's underwriters pay out on litigious losses, from oil tanker disasters to Mafia-set arson jobs, keep swelling. Yet this year is one that even Lloyd's risk-hardened underwriters are not likely to forget...
...constantly updated with details that show, among other things, where the entire Exxon fleet is at any moment, and toward what ports the ships are headed. Sometimes the telex traffic originated by the so-called LOGICS system takes on real drama. Recently, when LOGICS operators learned that an Exxon tanker was due to call at the Colombian port of Buenaventura, where marauders in small boats are common at night, a message was quickly dispatched to the ship's master: "Beware bandits and double watch. Raise accommodation ladder and lay out high-pressure hoses...
...long as the levy would contain a so-called plowback provision that would permit them to reduce windfall taxes by investing the money in exploration. Congress could well go along with a plowback. Though Carter has attacked the scheme as a loophole "that you can sail an oil tanker through," he may find that without a plowback he will have real trouble getting...
...price per barrel up to the cartel rate of $14.55, or 35? per gal. Shipping adds about $1.25 per bbl., or 3? per gal. But the actual cost of the journey is perhaps no more than a few cents a barrel. The difference is the profit for the tanker operators to help cover the expenses of maintaining huge, often idle fleets and sending empty tankers back to the Middle East...
Nearly ten years ago, a small band of wary Americans boarded an air-worn converted C-141 tanker. They roared off into the night from Andrews Air Force Base, held their ears from the shattering sound, chewed on half-cooked steaks, and eleven hours later stumbled onto the Helsinki tarmac as the November sun set. It was the U.S. advance guard sent to begin talking with the Soviet Union about limiting strategic nuclear arms. Delegation Chief Gerard Smith turned on his hotel TV and watched the Soviets get off their train. Where will it all end? he wondered...