Tuesday, April 18
2000
Hvide Marine
elects Gerhard Kurz CEO
Beleagured Hvide Marine Inc. has sprung another surprise. Today
it announced the election of Gerhard E. Kurz as CEO and a member
of the board. He takes over from James J. Gaffney, who was serving
as interim chairman, and now becomes non-executive Chairman of
the Board. Jean Fitzgerald, the former chairman and CEO who underwent
successful heart surgery two weeks ago, will become a consultant
to the company and remain on the board.
Gaffney described Kurz as "a logical
and compelling choice to lead the company through its next phase."
Kurz, 60, is the recently retired president
of Mobil Shipping and Transportation Company (MOSAT). He was
appointed president of MOSAT in 1989.
Born in Stuttgart, Germany, Kurz joined
Mobil Shipping Company Limited in London in 1964 as a chartering
assistant following his graduation from the University of Wales
with Honors in Economics. The next year he was transferred to
Mobil's Marine Division in New York, during which time he also
earned an MBA from New York University. After a series of promotions,
he was appointed vice president of planning, Middle East and
Marine Transportation, and then President of MOSAT.
Kurz is past Chairman of the MPA (Marine
Preservation Association, 1995-99) and the OCIMF (Oil Companies
International Marine Forum, 1991-99). He is currently a member
of the ABS (American Bureau of Shipping) Board of Directors and
Chairman of the ABS Finance and Nominating Committees. He also
serves on the Boards of the Seamen's Church Institute, International
Registries, Inc., the Coast Guard Foundation, and the Newport
News Mariners' Museum. He is a founding member of the Massachusetts
Maritime Academy's International Business Advisory Council.
Kurz is the recipient of numerous awards
and honors presented in recognition of his leadership role and
efforts on behalf of the maritime industry. Among these are the
Seamen's Church Institute Silver Bell Award, the International
Maritime Hall of Fame Award and the U.S. Coast Guard Award and
Medal for Meritorious Public Service. He holds an Honorary Doctorate
Degree from Massachusetts Maritime Academy.
Don't write off Taiwan
destroyer deal just yet
"President Clinton decided yesterday to sell a package of
high-tech weapons to Taiwan, but followed a Pentagon recommendation
to put off the politically volatile sale of four Aegis destroyers,
today's Washington Post reports.
The package approved by the administration
includes sophisticated air-to-air and anti-ship missiles as well
as a "Pave Paws" long-range radar system able to peer
thousands of miles into mainland China. "But ," says
the paper, "Congress is likely to focus on the deferral
of the sale of four Aegis warships, which cost about $1.1 billion
each and boast powerful radars able to track more than 100 incoming
missiles and aircraft at a time."
The Washington Post story notes that "despite
yesterday's decision, it is possible that Congress may yet prod
the administration into selling Taiwan the Aegis destroyers--or
into some compensatory measure, such as giving the U.S. Navy's
Pacific Fleet more Aegis-equipped warships that could be dispatched
to Taiwan in a crisis. The Aegis ships are built primarily at
shipyards in Mississippi, home of Senate Majority Leader Trent
Lott (R), and Maine, home of Defense Secretary William S. Cohen."
One thing is certain. Four more Aegis destroyers
would fit very nicely into the production programs of Litton
Ingalls and Bath Iron Works. The FY 2001-2005 Navy shipbuilding
procurement program cuts DDG-51 Aegis destroyer procurement to
two ships a year in FY 2002 and 2003, but extends the program
by procuring two ships in FY 2004 and one in FY 2005. The first
DD-21 land attack destroyer is also set for FY 2005. Adding in
the Taiwanese ships (or extra U.S. Navy ships to defend Taiwan)
would bring procurement back up to three ships a year, which
is probably the minimum level needed to sustain efficient production
at two shipyards.
UDS and Ceres Hellenic in Suezmax deal
Ultramar Diamond Shamrock Corp. and Ceres Hellenic Shipping Enterprises
Ltd. today announced a 10-year agreement for a fifth Suezmax
tanker to be used in the UDS's crude transportation program.
The vessel, which will be owned by Ceres and built by Hyundai
Heavy Industries, Ltd., is scheduled for delivery in late 2001.
UDS earlier announced a seven-year agreement
with Sonatrach, the Algerian national oil company, for an additional
35,000 barrels per day of light, low-sulfur crude oil for delivery
to the company's Quebec refinery located northeast of Montreal
on the Saint Lawrence River.
"This agreement is an important part
of our strategy to grow earnings and return through integrated
operations," said Jean Gaulin, UDS chairman and CEO. "Our
agreement with Sonatrach secures an additional supply of quality
crude oil and our agreement with Ceres secures the means of safely
and efficiently transporting the additional volume to our facilities."
The $54 million, 160,000 metric-ton vessel
will be built to 40-year trading standards. Special grade steel,
capable of withstanding the very low temperatures of the North
Atlantic, will be used in the construction of its ice-strengthened,
double-walled hull. An increased beam and shallower draft will
allow for maximum cargo intake and fully laden deliveries into
the shallow marine terminals of the Saint Lawrence River. The
vessel's lower draft will also provide UDS the flexibility of
delivering cargoes to Corpus Christi, Texas, for refining in
its Three Rivers facility.
The ship's segregated ballast capacity
will be over 50% of t total deadweight.
Ultramar has focused almost exclusively
on very modern, ice-strengthened double-hulled tankers for its
crude oil program. The Cap Georges,Cap
Laurent, Cap Jean" and Cap Romuald, which were all built
in 1998, presently serve as the core lifting capacity for the
company's Quebec deliveries from the North Sea, Mediterranean
and West Africa.
UDS and Ceres have been strategic partners
in time-charters and spot voyages to Quebec since the late 1980s.
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