[Federal Register Volume 61, Number 81 (Thursday, April 25, 1996)]
[Notices]
[Pages 18461-18462]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-10253]
-----------------------------------------------------------------------
DEPARTMENT OF TRANSPORTATION
Maritime Administration
[Docket S-936]
BSTC Holding Inc.; Notice of Application To Transfer Operating-
Differential Subsidy Agreement, Contract MA/MSB-439 to BSTC Holding
Inc.
Notice is hereby given that BSTC Holding Inc. (Applicant) applies
under sections 605(c) and 608 of the Merchant Marine Act, 1936, as
amended (Act), for financial aid in the operation of vessels which are
to be used in an essential service in the foreign commerce of the
United States through approval of the transfer to the Applicant of
Operating-Differential Subsidy Agreement (ODSA), Contract MA/MSB-439.
The Applicant is a wholly-owned subsidiary of Atlantic Maritime,
Ltd. (Atlantic). Atlantic was the winning bidder at bankruptcy for the
U.S.-built, U.S.-flag tanker, the FALCON LEADER. Closing on the
purchase of the FALCON LEADER is currently pending. Boston Shipping &
Trading, an affiliated company of the Applicant, will own the FALCON
LEADER.
On March 11, 1996, Atlantic entered into an agreement to purchase
ODSA, Contract MA/MSB-439 from the estates of Equity Carriers I, Inc.,
Equity Carriers III, Inc., and Asco-Falcon II Shipping Company (the
Estates).
ODSA, Contract MA/MSB-439 provided an operating-differential
subsidy (ODS) for each of three MA Design C5-M-129 dry bulk cargo
vessels. ODSA, Contract MA/MSB-439 expires on May 23, 2001.
On April 9, 1996, Atlantic assigned its rights under the agreement
to purchase ODSA, Contract MA/MSB-439 to the Applicant. The Applicant
proposes to use the ODS provided in the ODSA to engage the FALCON
LEADER in an essential service in the foreign commerce of the United
States. The Applicant does not charter or operate vessels other than
the proposed chartering of the FALCON LEADER. The Applicant is
currently in search of two additional vessels documented in the United
States that would be suitable to receive ODS under the ODSA. This
application will be amended when and if the Applicant identifies such
existing vessels. If the Applicant is not able to identify two such
existing suitable vessels, the Applicant will seek permission to
utilize the ODS for two newly constructed or acquired vessels to be
subsequently identified.
The Applicant currently intends to offer the FALCON LEADER for
charter on the spot and term market in the Caribbean to U.S. east coast
oil product
[[Page 18462]]
trade. The FALCON LEADER has a deadweight capacity of 33,542 LTs and a
cargo tank capacity of 224,096 barrels. The Applicant will hire Osprey-
Acomarit Ship Management Inc., to manage the operation of the FALCON
LEADER.
In summary, the Applicant requests the following under the Act:
(1) Approval under section 608 of the transfer of ODSA, Contract
MA/MSB-439 from the Estates to Atlantic (and henceforth to the
Applicant) and approval under section 605(c), section 601, and other
provisions of the Act of financial aid for the operation of the FALCON
LEADER in the worldwide carriage of liquid bulk cargo in the foreign
commerce of the United States and the carriage of such cargo between
foreign ports, and, if the Applicant amends this application, for two
additional vessels in an essential service in the foreign commerce of
the United States.
(2) Modification of the ODSA for the worldwide transportation of
product in bulk and any other essential services, as described in an
amendment to this application.
This application may be inspected in the Office of the Secretary,
Maritime Administration. Any person, firm or corporation having any
interest in such request and desiring to submit comments concerning the
application must file written comments in triplicate with the
Secretary, Maritime Administration, Room 7210, Nassif Building, 400
Seventh Street SW., Washington D.C. 20590. Comments must be received no
later than 5:00 p.m. on May 9, 1996. The Maritime Subsidy Board will
consider any comments submitted and take such action with respect
thereto as may be deemed appropriate.
(Catalog of Federal Domestic Assistance Program No. 2.804 Operating-
Differential Subsidies)
By Order of the Maritime Subsidy Board.
Dated: April 22, 1996.
Joel C. Richard,
Secretary.
[FR Doc. 96-10253 Filed 4-24-96; 8:45 am]
BILLING CODE 4910-81-P
