Word: tankers
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...sunken boat. Now a restless recluse with a fortune worth perhaps as much as $3 billion, Ludwig continues to expand his shipping-based business colossus into new areas. Besides his National Bulk Carriers, Inc., which with 49 vessels operates one of the world's largest tanker fleets, Ludwig's interests now include ranching in Venezuela, mining in Australia, and resort hotels in the Bahamas, Bermuda and Acapulco...
...sulfur crude at the Persian Gulf) will rise anywhere from 10% to 20%. As OPEC members see it, the industrialized nations can well afford the tab. The world recession seems to have largely lifted, and crude oil sales are rising as a result. Tanker charters have emerged from the doldrums, as top customers have scrambled to stock up on crude before the price rises again, often paying a 25? or 30? premium on each extra barrel...
...another problem looms: What to do with the oil when it finally begins to flow? Incredibly, that question has still not been resolved. About half the crude in Prudhoe Bay is owned by Standard Oil of Ohio, in partnership with British Petroleum. It is scheduled to be shipped by tanker from Valdez to California. But Cleveland-based Sohio has no marketing outlets on the West Coast; it wants to unload its oil at Long Beach, Calif., and move it to its territory in the Midwest through a 200-mile pipeline to be built across southern California and existing natural...
...Sohio and California cannot settle their differences, an alternative could be to build one or more new pipelines-through Canada, from Washington State to the Midwest or across Guatemala, where the oil could be shipped to Texas by tanker and piped north. But none of these options could be ready by the time Prudhoe Bay crude starts to flow. Although it would add to transportation costs, and presumably to consumer fuel bills as well, Sohio can temporarily ship part of the surplus-perhaps 200,000 bbl. daily-on U.S.-owned tankers, through the Panama Canal and on to the Midwest...
Ocean Steamship had a tremendous record with its wares. An average Ocean vessel spent only about eight hours each year in drydock for repairs. No ship ever left Ocean's docks without the personal inspection by the company's director. But when the veteran shipbuilders bought a tanker of their own, for all their master craftsmanship, they simply couldn't get an insurance company to give them a break...