Ingram Ocean Systems Inc.
List of Deals
- 1971 $5,410,000 United States Government Insured Merchant Marine Notes 8 3/4% IOS series due February 1, 1989
- 1971 $9,877,000 United States Government Insured Merchant Marine Notes, Carole G. Ingram and IOS 3302 series
- 1971 $3,076,000 United States Government Insured Merchant Marine Notes 8 3/4% and 7.85% Martha R. Ingram series due February 1, 1989
Ingram Ocean Systems was incorporated in Delaware in November 1969 to build and operate ocean vessels transporting bulk commodities. It was a wholly owned subsidiary of Ingram Corporation, itself a successor to several marine-transportation companies operating on the Mississippi River system since 1945.
By 1971 Ingram Ocean Systems had pioneered a new method of joining a tug and barge to form a rigid ocean-going unit. This method had passed exhaustive tank tests but had not yet been tested in commercial service. As of May 1971 Ingram owned an ocean-going barge, the IOS 3301. It also had an additional barge under construction, the IOS 3302, as well as two ocean tugs.
The company anticipated that these vessels would create two carriers of petroleum products that would operate in the Gulf of Mexico and in Atlantic Coast trade routes.