Word: tankers
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...always been a complicated mixture of arrogance and defensiveness. Now, Diva Maria Callas, 43, and her good friend, Greek Shipping Millionaire Aristotle Onassis, were embroiled in a London lawsuit against Greek Shipowner Panaghis Vergottis over just how many shares each owned in a $3.3 million tanker called Artemision II. Maria told the court she thought Vergottis was double-dealing her out of a $168,000 interest in the tub. It was a curious thing for him to do, too, she added characteristically, because "Mr. Vergottis respected me and loved me. There are quite a few people who do that once...
...strong is the demand for oil now that even the expense of crossing the Alps is no longer an economic obstacle. Though T.A.L. cost its owners, a consortium of 13 oil companies led by Esso and Shell, an average $500,000 a mile, its Trieste terminal, where the first tanker put in from Kuwait last week, is advantageously close to Mideast and North African oil sources...
...Canyon and the 118,000 tons of crude oil it carried is only the beginning of the problem. British Petroleum, for whom the chartered ship was hauling crude from Kuwait to England, had insured its cargo for $1,600,000. The ship itself, owned by a company called Barracuda Tanker Corp., which was incorporated in Liberia but is controlled from Wall Street, carried "hull" insurance of $16.5 million. As is traditional in marine insurance, the policy (with an annual premium of $330,000) had been spread among 120 syndicates in the U.S. and Britain, which will...
What makes the case of the Torrey Canyon really complex is the threatened damage suits. Like most vessels afloat today, the tanker carried more than hull insurance; it also had P & I (for Protection and Indemnity), which is insurance against damage to persons, piers or other objects while the ship is in operation. The primary P & I insurer was the Marine Office of America in New York City, a consortium that carried $2,500,000 on the vessel. Union also had an undisclosed amount of P & I with other companies, enough presumably to match at least...
Before litigants against Union Oil can collect, however, they may have to go through lengthy court battles. In a similar though smaller case in 1950, the owners of a grounded tanker lightened ship by dumping 400 tons of oil into the water near Liverpool; they were sued for oil damages on grounds of faulty navigation. Ruling that unseaworthiness was the only ground for such a suit, a British judge dismissed the case...