Langfitt Shipping Corporation
List of Deals
- 1972 $21,856,000 U. S. Government Insured Merchant Marine Bonds Brooklyn issue, series A; $5,470,000 serial bonds due 1973-1976; $16,386,000 7.05% sinking fund bonds due January 1, 1993
During the late 1960s the U.S. Maritime Administration began soliciting applications from shipping companies for government financial support for the construction of new tankers. Under the 1936 Shipping Act, the agency was empowered to guarantee up to 75 percent of the building cost for new unsubsidized tonnage and up to 87 ½ percent in mortgage insurance guarantees. Numerous American shipping companies, such as Moore-McCormack Lines and Western Ocean Transport, applied for this financial support.
The Langfitt Shipping Corporation also applied for this assistance. The company was organized in New York on June 19, 1968, for the purpose of constructing a 225,000-ton oil tanker called the "Brooklyn." The cost of construction was estimated at $48 million, and it was built for the purpose of hauling Alaskan North Slope oil from Alaska to U.S. West Coast ports.
Langfitt was a wholly owned subsidiary of Seatrain Lines, Inc., which was also the owner of the largest American tanker then in service, the 108,400-ton "Manhattan." Langfitt was headed by Joseph Kahn and Howard Pack, the controlling owners of Seatrain. The tanker was finally completed in late 1972.