THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Friday, August 11, 1995 TAG: 9508110223
SECTION: BUSINESS PAGE: D2 EDITION: FINAL
SOURCE: (Knight-Ridder/Tribune Business News)
LENGTH: Short : 26 lines
Newport News Shipbuilding lost out to a newcomer in the commercial construction market this week when Avondale Industries Inc. announced plans to build seven double-hull tankers for a Russian shipper. The deal, which is pending approval of federal loan guarantees, could be worth up to $350 million. The ships are scheduled to be completed by the end of 1998. While Primsorsk Shipping Group of Nakhodka, Russia, has spoken with the Maritime Administration about the guarantees, it has yet to submit its formal application, which take about 60 days to be approved. Primsorsk talked to Avondale of New Orleans; Newport News Shipbuilding; Alabama Shipyard of Mobile, Ala.; and several foreign yards. In all, the Peninsula yard has deals to build up to 20 of its Double Eagle product tankers. by CNB