Chase Manhattan Bank News

Austal christened USNS Trenton (JHSV 5) January 10 at its shipyard in Mobile, Alabama. USNS Trenton is the fifth of 10 Joint High Speed Vessels (JHSV) that Austal has under contract with the U.S. Navy as part of an overall 10-ship block-buy contract worth over $1.6 billion. The 338-foot catamaran vessel was named Trenton by Secretary of the Navy Ray Mabus, after the capital of the state of New Jersey and the site of George Washington's first military victory during the American Revolutionary War.

Austal christened USNS Trenton (JHSV 5) this morning at its state-of-the-art shipyard in Mobile, Alabama. USNS Trenton is the fifth of ten Joint High Speed Vessels (JHSV) that Austal has under contract with the U.S. Navy as part of an overall 10-ship block-buy contract worth over $1.6 billion. The 338-foot catamaran vessel was named Trenton by Secretary of the Navy Ray Mabus, after the capital of the state of New Jersey and the site of George Washington's first military victory during the American Revolutionary War. According to Secretary Mabus, “Trenton displays American values of community, perseverance and resourcefulness at their very best.

Dr. Martin Stopford, President of Clarksons Research Services, will deliver the keynote address at the Senior Maritime Forum 2013, 2-5 December, at the Kerry Hotel Pudong, Shanghai, China. The Senior Maritime Forum is held alongside Marintec China 2013 which takes place 3-6 December at the Shanghai New International Expo Centre, Shanghai China. In his keynote address titled, "The Great Shipping Cycle -- Progress to Date and Scenarios for the Next Phase," Dr. Stopford will shed light and retrospect on the previous year industry milestones as well as offer audiences a perspective of areas…

Award to be presented March 20, 2013 at the conclusion of the CMA's Shipping 2013 Annual Conference and Exposition. Mr. Peter Evensen, President and Chief Executive Officer (CEO) of Teekay Corporation (Teekay) has been named as the Connecticut Maritime Association (CMA) Commodore for the year 2013. Mr. Evensen follows a long succession of influential maritime industry leaders as Commodore. The 2013 Commodore Award will be presented to Mr. Evensen on March 20, 2013 at the Gala Dinner marking the conclusion of the annual Connecticut Maritime Association conference and trade exposition, at the Hilton Hotel in Stamford, Connecticut, USA. The Award is given each year to a person in the international maritime industry who has contributed to the growth and development of the industry.

Transocean Ltd. has appointed Rob Shaw to serve as Vice President, Controller and Principal Accounting Officer, effective December 1, 2011. Until Shaw assumes this position, Robert L. Herrin, Jr. will serve as interim Vice President and Controller and Ricardo H. Rosa, the company’s Senior Vice President and Chief Financial Officer, will serve as interim Principal Accounting Officer. Herrin has served as the company’s Vice President of Internal Audit since 2007, but will not act in that capacity during the period that he serves as interim Vice President and Controller. Shaw, age 48, has served as Vice President and Treasurer since joining the company in July 2010. Previously, Shaw served as Head of Corporate Finance and Treasury at Air Liquide, based in Paris France.

Transocean Ltd. (NYSE: RIG) (SIX: RIGN) announced today that Rob Shaw has been appointed to serve as Vice President, Controller and Principal Accounting Officer, effective December 1, 2011. Until Mr. Shaw assumes this position, Robert L. Herrin, Jr. will serve as interim Vice President and Controller and Ricardo H. Rosa, the company’s Senior Vice President and Chief Financial Officer, will serve as interim Principal Accounting Officer. Mr. Herrin has served as the company’s Vice President of Internal Audit since 2007, but will not act in that capacity during the period that he serves as interim Vice President and Controller. Mr. Shaw, age 48, has served as Vice President and Treasurer since joining the company in July 2010. Previously, Mr.

The Board of Directors of Overseas Shipholding Group, Inc. (OSG) today announced the appointment of Morten Arntzen as the Company's new President & Chief Executive Officer. Mr. Arntzen, who currently serves as Chief Executive Officer of American Marine Advisors, Inc., a U.S. based merchant banking firm specializing in the maritime industry, has extensive experience in the international shipping business. Mr. Arntzen, 48, will succeed OSG's long-time CEO, Morton P. Hyman, who will retire at the end of this year. "I am honored and excited to assume the leadership of OSG, one of the world's premier tanker companies," said Mr. Arntzen. "Under the leadership of Mort Hyman, the Company has modernized its fleet, streamlined its operating cost structure and strengthened its balance sheet.

American Commercial Lines LLC announced that Stephen A. Frasher will step down as President and CEO effective April 30, 2004. ACL will make the following executive changes on that date. Richard L. Huber will assume the position of Chief Executive Officer of American Commercial Lines LLC. Mr. Huber has been a member of the ACL Board since 2000, and currently serves as its Chairman. Mr. Huber has over forty years of investment and merchant banking, international business, and management experience, having held executive positions with Chase Manhattan Bank, Citibank, Bank of Boston, and Continental Bank. He was most recently CEO of Aetna, Inc.

In a move which effectively creates a defense and marine naval construction giant, Northrop Grumman Corp. and Litton Industries jointly announced late last month that they have signed a definitive agreement under which Northrop Grumman will acquire for cash all of the outstanding shares of Litton for $80 per common share and $35 per Series B Preferred share. The transaction is valued at approximately $5.1 billion, which includes the assumption of Litton's $1.3 billion in net debt. Litton is a leading supplier of advanced electronics and information systems to the U.S. government and international customers and is the premier designer and builder of non-nuclear surface combatant ships for U.S. and foreign navies.

American Commercial Lines Inc. (ACL) announced that it has appointed Mr. Joseph J. Rella as its Vice President, Sales for Jeffboat LLC, a subsidiary of ACL. Rella brings many years of marine industry knowledge in the area of sales, business development, manufacturing and engineering skills to the Company. Houston. Previously, Rella spent over six years with Atlantic Marine, Inc. in various sales and marketing positions. U.S. Merchant Marine Academy, Kings Point, New York and graduated with honors from the U.S. Navy Nuclear Power School. In addition, Shayne K. Vice President, Human Resources. Ms. Continental Tire. relations.