MARAD APPROVES TRANSFER OF SEA-LAND SHIPS TO MAERSK

   The U.S. Maritime Administration has approved the transfer of agreements covering the operation of 15 containerships from Sea-Land Service Inc. to a newly formed company established by Maersk Lines to operate the vessels with U.S. crews under the U.S. flag.
   MarAd’s approval paves the way for the two companies to wrap up the $800-million sale of Sea-Land’s international liner services to Maersk, announced last summer. Finalization of the deal is expected soon and could come as early as today.
    Under MarAd’s approval order, U.S. Ship Management, an independent company established by Maersk, will time charter the 15 vessels to Maersk. In addition to the 15 vessels covered by the Maritime Security Program, U.S. Ship Management will operate four other ships now operated by Sea-Land. The ships will continue to participate in the Voluntary Intermodal Sealift Agreement program.
    Maersk already has four U.S. flag ships enrolled in MarAd’s Maritime Security Program.
   "Maersk has strongly committed its entire global intermodal network to the U.S. for use in times of national emergency," said Maritime
Administrator Clyde Hart Jr.
   The proposed transactions were "carefully reviewed" by MarAd, Hart said, and it was determined that the arrangements did not convey control over the vessels to a foreign entity.