A key East Coast shipping executive, long active in U.S. maritime affairs, has been elected chairman of the board of the American Institute of Merchant Shipping (AIMS) for the next 12 months. He is Fred S. Sherman, chairman of the board, Marine Transport Lines, Inc.
Puerto Rico has won U.S. Farmers Home Administration approval of a $9-million loan which paves the way for immediate construction of the Island's first shipbuilding yard, to be located at a 68-acre site on Guanica Bay. This new venture into heavy industry
Zapata Corporation of Houston recently announced that its board of directors and the board of directors of Trafalgar House Limited have approved an agreement for Zapata's U.K. subsidiary, Zapata Off-Shore Services Limited, to acquire Offshore Marine Limited,
Five subsidiaries of The El Paso Company, Houston, Texas 77001, announce proposed offerings of an aggregate of $30,864,000 United States Government Guaranteed Ship Financing Bonds, Series P and Q, subject to approval of the Maritime Administration.
Eastern Gas and Fuel Associates and Houston Natural Gas Corporation announced recently that Eastern's wholly owned marine subsidiary, Midland Affiliated Company, has agreed in principle to acquire Federal Barge Lines Inc., a wholly owned subsidiary of Houston Natural.