SHIPPING: The New Fleet

With a sweep of a pen, American President Lines, biggest West Coast shipper, contracted with the U.S. Maritime Board last week for the complete replacement of a merchant fleet. Over the next ten years American President will retire all its 19 ships, including the 981-passenger President Cleveland, and its sistership the President Wilson, replace them with 18 to 20 new ships. Total cost of the program: $225 million, of which the U.S. Government will pay $90 million, American President Lines the balance.

It was the biggest deal ever signed by a U.S. shipper, and Federal Maritime...

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