Zapata Corp. has canceled an order for a 390,000 dwt tanker

Journal Article · Mon Jul 17 00:00:00 EDT 1978 · Oil Gas J.; (United States)

OSTI ID:5067424

Flynn, W H

Zapata Corporation has canceled an order for a 390,000 dwt tanker before construction began at Newport News Shipbuilding Co.'s Virginia yard. The $150 million tanker, which was due for completion in 1979, would have been the largest tanker ever built for independent ownership under the U.S. flag, according to Zapata. Most of the materials had been bought, but little shipyard labor had been expended. According to W. H. Flynn (Zapata Corp.), when the ship was ordered in June 1974, the world tanker market was expected to improve by 1979, but instead the slump has continued; the loss owing to the cancellation is less than one year's trading losses under the market conditions now projected for 1979-80.

• Research Organization: Zapata Corp.
• OSTI ID: 5067424
• Journal Information: Oil Gas J.; (United States), Vol. 76:29
• Country of Publication: United States
• Language: English

Related Subjects

02 PETROLEUM
TANKER SHIPS
CONSTRUCTION
CANCELLATION
MARKETING RESEARCH
SHIPS
022000* - Petroleum- Transport
Handling
& Storage