Word: tankers
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...olive-drab, two-engined plane without markings or number swept in low and thundering over the Indonesian port of Balikpapan in Borneo. Bombs tumbled out from the opened bomb bay, and the British tanker, San Flaviano, erupted in a series of explosions that broke the vessel's back. An Indonesian corvette, anchored protectively at the harbor mouth, took a direct hit, burst into flames from stem to stern. The Royal Dutch Shell Co. hastily shut down its installations at Balikpapan, signaled oil tankers to clear the area...
...postwar readjustment. Operating out of a trophy-filled office resembling the living room of a big-game hunter, which he is, Dick Boutelle's first move was to stalk any idea that promised a profit. He toyed with a lightweight train, a gasoline-filled glider as an aerial tanker, even a mechanically operated wild-turkey caller. "We'd even make corsets if we saw a profit," said Boutelle...
Hoping to float a nuclear-powered tanker by 1961, the Atomic Energy Commission and the Maritime Administration last week awarded design-study contracts totaling $400,000 to General Electric Co. and Manhattan's George G. Sharp marine-engineering firm. The plan is to install a boiling-water reactor in a conventional T-5 tanker, now being built by Ingalls Shipbuilding Corp. at Pascagoula, Miss. The Sharp company also is designing the first U.S. atomic passenger and cargo ship, the N.S. Savannah, for launching in 1960. The Government hopes that lessons learned in building the Savannah will make the power...
...trouble with shipping is overexpansion coupled with a recession-and the glut of oil (see below). In 1957, tanker operators expanded their fleets by 5,500,000 deadweight tons, or 11%, to 49.6 million tons overall. But free-world oil production-and thus the need for tankers-will increase by 4% or less this year. Result: nearly 3,000,000 tons (6%) of the world's tanker fleet lie idle, and the total may mount to 4,000,000 tons by midsummer...
...companies have canceled plans to build big (70,000 tons and up) supertankers. Most shipyards are still booked solid into 1960. But the rest of the ship market has all but collapsed. Tanker charter rates have been cut more than 90% in one year, and prices for used ships are just as bad. "A year ago," said one ship broker, "it was impossible to buy a T-2 tanker for less than $4,250,000. Now it's impossible to get $1,000,000 for such a vessel...