[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]



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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