Moore McCormack To Modify Six Existing Vessels In $42-Million Project

May 1, 1981 Page 20 162 words

Finance

Moore McCormack Lines has applied for a Title XI guarantee to help finance the reconditioning and reconstruction of six Constellation-class vessels, including midbody additions and cellular conversions, at an estimated cost of $42.5 million.

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Moore McCormack Lines, Inc., a subsidiary of Moore McCormack Resources, Inc., One Landmark Square, Stamford, Conn. 06901, has applied for a Title XI guarantee to aid in financing the reconditioning and reconstruction of six existing vessels.

Moore McCormack intends to modify the Mormacvega, Mormaclynx, Mormacargo and Mormacrigel, all 7,247-deadweight-tons Constellation-class vessels built by Ingalls Shipbuilding Corp., Pascagoula, Miss., and delivered in 1964 and 1965. A 115-foot cellular midbody section and three 40-ton cranes will be added and the No. 3 hatch converted and dedicated to cellularized containers, making each of the vessels self-sustaining cargo/container ships.

The company also intends to perform the cellular conversion of No. 3 hatch on the Mormacaltair and Mormacdraco, which had midbodies added in 1975.

All of the vessels are expected to be delivered in 1982, but no builder has been selected. Construction subsidy for the project has also been requested.

If approved, the Title XI guarantee would cover $31,875,000 or 75 percent of the estimated actual cost of $42,500,000.

Mentioned in this article

Vessel

Mormacvega Constellation-class vessel
Mormaclynx Constellation-class vessel
Mormacargo Constellation-class vessel
Mormacrigel Constellation-class vessel
Mormacaltair vessel for cellular conversion
Mormacdraco vessel for cellular conversion

Company

Moore McCormack Lines, Inc. vessel owner
Moore McCormack Resources, Inc. parent company
Ingalls Shipbuilding Corp. original builder

Transcribed from the May 1981 print edition of Maritime Reporter & Engineering News. Text is OCR-derived and may contain errors.