tag:blogger.com,1999:blog-2454798339310771617.post2790743265867251433..comments2024-03-28T06:45:47.449-03:00Comments on Shipfax: Hellespont and Papachristidis- Part 2Machttp://www.blogger.com/profile/09559556529557710099noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-2454798339310771617.post-8924961074061654032012-02-24T10:27:17.511-04:002012-02-24T10:27:17.511-04:00The vessel was built initially to top off ocean g...The vessel was built initially to top off ocean going vessels coming out of the Orinoco River in Venezuela bound for the ports that would serve the mills of US Steel. when the river was deepened enough the vessel became obsolete and was sold.Bruno Boissonneaultnoreply@blogger.comtag:blogger.com,1999:blog-2454798339310771617.post-3700194944244087192012-02-24T10:21:52.738-04:002012-02-24T10:21:52.738-04:00Thanks for posting this great story about an ugly ...Thanks for posting this great story about an ugly vessel! The funnel depicted on the vessel is that of her charterers Navios Corp. a then subsidiary of US Steel.<br />Papachristidis had indeed the courage to invest in a Canadian fleet in the 60's but this has much less to do with vision that with semi-obligation on his part. As a Canadian owner of steamers that once belonged to the Park Steamship , Mr. Papachristidis was not totally free to do what he pleased with these vessels. The Canadian Shipping Board still exercised a certain control over the vessels. The vessels could not be sold outright without the Board's approval and the money from these sales if approved would have to be deposited in a escrow fund with the Shipping Board as fiduciary. These funds could only be taken out of the account to fund a new construction of vessel in a Canadian shipyard to be operated under Canadian flag. So the proceeds from the sale of its wartime tonnage was used to built his lake fleet and the EMERILLON. Similar situations can be traced also with Federal Commerce and Navigation, Montship and Protos Shipping to name a few.Bruno Boissonneaultnoreply@blogger.com