Word: tankers
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...businesses are as nerve-racking as the chartering of behemoth supertankers to carry oil, and until recently few tycoons played the risks with such consummate cool as Norway's Hilmar Reksten, 77. The tanker business seems always to swing from boom times of frantic demand and soaring charter rates to busts during which expensive tankers lie idle and unwanted. Reksten, a ramrod-straight six-footer and lone-wolf operator, started out as a shipping clerk; in 1929 he bought a freighter cheap, parlayed it into a modest fleet (thanks in part to two rich wives), then seized on slumps...
...Scrutiny. Consisting of New England Petroleum Corp. and some 40 affiliates, Carey's company supplies oil to New York State utilities and others along the Eastern seaboard. It also explores in the North Sea, pumps crude in Abu Dhabi, refines in the Bahamas, ships round the world by tanker, truck and pipeline, and owns storage terminals with a capacity of 25 million bbl. Most of the Carey Corp.'s business is with industrial customers. But a subsidiary, Burns Bros., supplies heating oil to New York metropolitan-area homes. In Canada, the group's Caloil affiliate sells gasoline...
...Sharjah. Aside from the roll of the dice, advances or reverses occur when the would-be oil potentate lands on the space marked "Telex," where a message may order him to return to the Geneva Airport-equivalent to Monopoly's "Go" position-notify him of a crippling tanker strike or tell him to skip ahead to be photographed for a TIME cover...
With all the hoopla of the reopening, however, there are some who feel that the canal will never again attain the importance it had before 1967. Even before the closing, tanker-fleet owners had begun building giant superships of 100,000 tons or more that could not navigate the canal. In 1967, fully 74% of the world's tanker fleet could traverse the canal; today only 27% of the tanker fleet can use it. Thus, though Cairo last week almost doubled the tolls from what they were in 1967, Egyptian hopes of collecting $450 million a year from...
Egregious Fault. Last week the Supreme Court was reviewing the case of the Mary A. Whalen, a coastal tanker that went aground in 1968 in gale force winds on a sandbar outside New York harbor. A flashing light maintained by the Coast Guard was not working that night, but the trial court concluded that "the fault of the vessel was more egregious than the fault of the Coast Guard." The blame, ruled that court, was 75%-25%. Yet the damages had to be split evenly. After considering those facts, Justice Potter Stewart, a World War II naval officer, weighed...