Onassis' Sea Monster

Ten years ago the largest tankers plying the seas were 18,500-tonners. Last week Shipowner Aristotle Socrates Onassis', who operates under five flags, confirmed plans to build a 100,500-tonners more than twice as big as the largest existing tanker, the 7,750-tonners owned by his brother-in-law, Stavros Niarchos. Onassis' 135-ft.-wide, 935-ft. long ship would cruise at 16 knots, carry a crew of 70. It probably will be built by Bethlehem Steel Corp.'s Shipbuilding Division at Quincy, Mass. Along with the supertanker, Tycoon Onassis' also plans three smaller ships--two tankers of 32,650 tons apiece, another of 46.000 tons.

As usual, Onassis' scheme had a canny angle. In return for building the new tankers in the U.S., he wanted permission from the Government to transfer ten of his war-surplus tankers plus another vessel, most of them bought from the U.S., to foreign registry. Running under foreign regulations and paying low foreign wage rates automatically reduces operating costs by as much as 50%, and increases the value of each tanker by approximately $1,000,000.

Last week the Federal Maritime Board approved the "trade-out and build" scheme "in principle," as it has with other shipowners. It was now up to Onassis' to take the next steps and complete the deal. He had 90 days to prove ability to finance the colossal plan and show evidence that he had signed binding construction contracts.

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