BUYING SHIP
N.Z. Cement Company
(N.Z. Press Association) DUNEDIN, October 19.
New Zealand Cement Holdings, Ltd., has bought the motor-vessels Guardian Carrier and Westport, now chartered by the company to carry cement from Westport to North Island markets.
The company will pay the British owners about £440,000 for both the ships. “Investigations showed it would be in the best interests of our company to purchase the ships rather than charter them,” the chairman (Mr L. C. Nisbet) told the annual meeting of shareholders today. “The owners were willing to sell, and negotiations have been successfully concluded on terms of payment and these have been approved by the Reserve Bank and the Bank of England.” Mr Nisbet said his company would assume ownership of the vessels next March. “Arrangements have also been made to install more efficient bulk-handling equipment in the Westport at a reasonable cost, and when this is completed we shall have two efficient bulk-car-riers. The mishap to the Guardian Carrier at One--11 unga emphasises how vulnerable we are, while relying on only one bulk-carrier.”
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Bibliographic details
Press, Volume CVI, Issue 31195, 20 October 1966, Page 3
Word Count
176BUYING SHIP Press, Volume CVI, Issue 31195, 20 October 1966, Page 3
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