General Electric Credit Buys Its Eleventh Tanker
General Electric Credit Corporation (GECC) announced it has acquired for $89,980,000 the 165,- 000-dwt Thompson Pass, a new crude carrier to transport Alaska oil to the U.S.
The vessel will be time chartered to SPC Shipping, Inc., a Simplicity is the key to the Demco packaged sewage treatment plant. And your key to low maintenance operation that is fast, effective, reliable and economical.
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Built at Avondale Shipyards in New Orleans, La., the 906-footlong vessel can carry up to 1.2 million barrels of oil. It sailed August 25 for Cape Horn, and is expected to arrive at Valdez, Alaska, about October 25.
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The Thompson Pass was acquired August 23 under a leveraged leasing arrangement whereby GECC invests a portion of the purchase price in a trust which borrows the balance of the vessel's cost from long-term lenders.
A spokesman for the Stamford, Conn.-based financial arm of the General Electric Company said that although the international tanker market is currently depressed, the demand has been strong for vessels to be used to carry Alaskan crude. Tankers operating between US. ports must be American-flag vessels; this has eliminated the bulk of idle worldwide tanker tonnage from consideration. The Thompson Pass is the third tanker GECC has purchased for long-term charter to Sohio. In the last year, GECC also acquired under leveraged lease arrangements two 165,000-dwt sisterships to the Thompson Pass—the Atigun Pass and the Keystone Canyon. Both were built at Avondale. GECC acquired sole ownership of the Atigun Pass and is the joint owner of the Keystone Canyon with Bankers Trust Co.
The new vessel brings the Sohio charter fleet to more than 30 tankers. Sohio owns more than 50 percent of Alaska North Slope crude and one-third of the Trans- Alaska Pipeline System.