THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Saturday, November 25, 1995 TAG: 9511250327
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
LENGTH: Short : 21 lines
Newport News Shipbuilding has lost a bid to build up to six double-hull tankers for a Philadelphia shipper. Maritrans Ocean Transport Inc., has instead contracted with Avondale Industries of Louisiana. Newport News lost the deal, which could be worth up to $270 million, because it couldn't meet Maritrans' 1998 deadline, company officials said. Maritrans must take delivery of the vessels by the end of 1998 to qualify for federal loan guarantees. Newport News has said it has the capacity to deliver about five tankers a year, starting in 1997. The Peninsula yard has already committed to building up to 20 of its Double Eagle tankers for other shippers. (Knight Ridder) by CNB