Title XI Approved For $43-Million Conversion Of Four MorMac Ships
The Maritime Administration has approved in principle an application by Moore McCormack Lines, Inc., a subsidiary of Moore McCormack Resources, Inc., Stamford, Conn., for a Title XI guarantee to aid in financing the reconditioning and reconstruction of the Mormacvega, Mormaclynx, Mormacargo and Mormacrigel.
The Maritime Subsidy Board previously approved a constructiondifferential subsidy (CDS) for the project.
All four of the 11,975-dwt Constellation-class vessels were built by Ingalls S h i p b u i l d i ng Corp., Pascagoula, Miss., and were delivered in 1964 and 1965. They will be lengthened by the inclusion of a new 115-foot cellular midbody section which will have three electro-hydraulic, 40-ton cranes for handling containers. The number 3 hatch will be converted for containers in cells and provision will be made to carry containers four high at both and number 5 and 6 hatches.
The Title XI guarantee covers $32,516,000 ($8,129,000 per ship) or approximately 75 percent of the estimated actual cost (net of CDS) of $43,359,188 ($10,839,797 per ship). American Shipbuilding Co., Lorain, Ohio, is expected to do the reconstruction work. All four vessels are scheduled to be delivered by December 1982.