Word: tankerous
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Dates: during 1950-1959
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...carriers to haul loaded trucks and vans, fast new freighters to slake the world's impatient thirst for machinery and steel, coal, wheat, and other basic raw materials that must be hauled from the ends of the earth (see color pages). Most of all, shipowners are clamoring for tankers. Though the world's tanker fleet has doubled since World War II, oil shipments have grown to 45% of all tonnage moved by ship (v. 21% in 1937), and the fleet is still inadequate for the load. The answer: supertankers...
...European refineries, but have proved their economy as well: they can haul oil halfway around the world for 3? a gallon, less than the prewar cost. Reason: a 50,000-tonner carries few more crewmen than a 16,600 wartime T-2 tanker, gets more speed, thanks to better hull design, for every unit of horsepower...
Niarchos, building ever bigger ships, by 1951 claimed the world's biggest tanker: the 31,745-ton World Unity. Supertankers kept right on growing; by 1954 the biggest tanker was Niarchos' 45,509-ton World Glory. Two years ago Onassis took the title with his 46,500-ton Al Malik Saud Al-Awal. Early this year-Nkrchos launched the 47,750-ton Spyros Niarchos (named for his late father), which last month in Rotterdam broke all tanker records by discharging a 41,000-ton cargo (287,000 bbls.) in 17 hours 48 minutes...
...steady income; only by keeping some ships available for short-term charters can they take advantage of the sudden rises in rates that turn the big profits. When world oil consumption spurted a mere 10% in 1948, charter rates rose 250%. On the other hand, a prolonged fall in tanker rates can come close to wrecking an independent...
...these and other reasons, Niarchos is distrusted by oldtime shipowners, sneered at as an "uptown boy," i.e., a landlubber who doesn't know his fantail from a fo'c'sle. Though he seldom sets foot aboard a tanker, Niarchos retorts angrily that he is far more concerned with his fleet than his fortune...