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Tanker Repair Completed

Maritime Activity Reports, Inc.

November 7, 2000

A tanker carrying 500,000 barrels of gasoline, the Bear G, is expected to start a journey back to the New York Harbor November 10 after completing repairs to a leaky hold in a Canadian port, the ship's manager said Tuesday. The vessel was denied access to the New York Harbor by the U.S. Coast Guard last week due to the internal leak until permanent repairs were made. The Bahamian flagged vessel, chartered by New York-based Novarco Ltd., arrived at the Statia Terminal, Point Tupper on Cape Breton Island in Canada November 6 to begin the repairs, according to Geneva-based Acomarit, the ship's manager. The ship is expected to occupy the berth at the terminal "until Friday 10 November at which time it is anticipated that Bear G will reload her cargo and proceed to" the New York Harbor, according to Acomarit. The delay of the large cargo, which Acomarit officials say is likely due to a gasket failure, caught many gasoline dealers in the New York Harbor short and led to a spike in cash prices. U.S. Coast Guard Commander John Cameron said he is "confident that the repairs will be done properly" and anticipates that the Coast Guard's inspection of the repairs when the ship returns will be uneventful.

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